MI (Not Rated)

• MI gained 32.0sen (+13.79%) to close at RM2.64 yesterday.
• Chart-wise, the stock has recovered from the previous day’s panic sell and formed a bullish engulfing candlestick pattern.
• Besides, as the stock continued to trade above all the key SMAs, backed by higher-than-average trading volume, we believe that the stock could move higher.
• From here on, key resistance levels are seen at RM2.80 (R1) and RM3.10 (R2).
• Conversely, key support levels can be seen at RM2.20 (S1) and RM2.00 (S2).

ANCOM (Not Rated)

• ANCOM dropped 1.5sen (-2.56%) to end at RM0.570 yesterday.
• Chart-wise, the stock has broken below all the key SMAs yesterday, accompanied by higher-than-average trading volume.
• Coupled with bearish crossover from MACD indicator, we believe the stock price could move lower.
• From here on, downside supports can be identified at RM0.530 (S1) and RM0.490 (S2).
• Conversely, key resistance levels can be found at RM0.600 (R1) and RM0.640 (R2).

Source: Kenanga Research - 11 Mar 2020