HLBANK (Not Rated)
• HLBANK gained 16.0 sen (+0.90%) to end at RM17.60 yesterday.
• Chart-wise, we note that the stock has been displaying a healthy uptrend after bottoming out in Oct ’19, where it is currently finding comfort in its 20-day SMA while trading above all of its key SMAs.
• With the RSI indicator distancing away from its overbought levels, we believe the stock could move higher.
• From here, expect the stock to test its immediate resistance level at RM17.80 (R1) and then at RM18.60 (R2).
• On the other hand, downside supports can be identified at RM16.50 (S1) and RM16.00 (S2).
LPI (Not Rated)
• LPI rose 18.0 sen (+1.20%) to close at RM15.44 yesterday.
• Chart-wise, the stock is rebounding from its previous sell down, which saw it punching above all key SMAs.
• Coupled with the recent formation of three consecutive bullish candlesticks and a bullish MACD crossover, we believe there may still be room for upside.
• Should the positive momentum persist, the stock is expected to see resistances at RM15.60 (R1) and RM15.90 (R2).
• Conversely, support levels can be identified at RM14.90 (S1) and RM14.60 (S2).
Source: Kenanga Research - 7 Jan 2020
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HLBANKCreated by kiasutrader | Aug 26, 2024