ECONBHD (Not Rated)

• ECONBHD rose 0.5 sen (+0.76%) to close at RM0.660 yesterday.
• Chart-wise, the stock has rebounded from heavy sell down upon touching the Fibonacci retracement level at 50%.
• Besides, the bullish candlesticks formed after the formation of “Morning Doji Star” pattern further supporting the trend reversal.
• Should the bullish momentum persists, its key resistance levels are seen at RM0.740 (R1) and RM0.860 (R2).
• Conversely, key support levels can be seen at RM0.610 (S1) and RM0.550 (S2).

MFCB (Not Rated)

• MFCB was up by 15.0 sen (+2.85%) to finish at RM5.41 yesterday.
• Chart-wise, the stock has also broken above the 20-days SMA line yesterday, backed by higher-than-average trading volume.
• Coupled with bullish signal from the MACD indicator, we believe the stock could move higher.
• From here on, resistance can be identified at RM6.13 (R1) and RM6.50 (R2).
• Conversely, its support levels can be identified at RM5.00 (S1) and RM4.70 (S2)

Source: Kenanga Research - 6 Feb 2020