PETDAG (Not Rated)

• PETDAG slipped 58.0 sen (-2.40%) to close at RM23.58 yesterday.
• Chart-wise, we observed that PETDAG could be entering into a declining trend after a “Spinning Top” candlestick was formed on Wednesday.
• Coupled with lacklustre signals from key momentum indicators, we believe the share could potentially head lower.
• Should selling pressure persist, we expect the share to head lower with support levels identified at RM23.10 (S1) and further below at RM21.20 (R2).
• Conversely, resistance levels can be seen at RM24.40 (R1) and RM25.20 (R2).

TGUAN (Not Rated)

• TGUAN rallied 27.0sen (+8.60%) to close at RM3.42, after reporting stronger earnings that exceeded market’s expectations.
• Despite the near-term technical outlook which is appearing bullish, we believe the recent share price movement was overdone as both RSI and stochastic indicators are in the overbought zone.
• Hence, we expect the share to retrace over the next few days to its support levels of RM3.10 (S1) and RM2.80 (S2).
• Conversely, resistance levels can be seen at RM3.60 (R1) and RM3.80 (R2)

Source: Kenanga Research - 22 Nov 2019