Daily technical highlights – (PETGAS, AXIATA)

PETGAS (Not Rated)

• PETGAS rose 32.0 sen (+0.10%) to end at RM16.72 yesterday.
• Chart-wise, the stock has been consolidating around all key SMAs since mid-September this year. Nonetheless, yesterday’s bullish candlestick managed to punch through and close above all the key moving averages.
• Momentum indicators appear to be favouring the upside as displayed by the positive MACD and upticks in the RSI indicator.
• Key resistance levels are seen at RM16.90 (R1) and RM17.20 (R2).
• On the other hand, support levels can be found at RM16.00 (S1) and RM15.70 (S2).

AXIATA (Not Rated)

• AXIATA gained 11.0 sen (+2.50%) to close at RM4.44 yesterday.
• Chart-wise, the stock has been consolidating around its 20-day SMA after the plunge in early-September. Yesterday, the stock managed to close above its 50-day SMA.
• However, we noticed that trading volume is lacking, suggesting buying momentum could be weak. Coupled with uninspiring signals from key momentum indicators, we see limited upside to its share price.
• With that, key resistances can be seen at RM4.60 (R1) and RM4.80 (R2).
• Conversely, key support levels can be found at RM4.30 (S1) and RM4.10 (S2).

Source: Kenanga Research - 13 Nov 2019