HIBISCS (Not Rated)

• HIBISCS gained 2.5 sen (+4.90%) to close at RM0.535 yesterday.
• Chart-wise, the stock started rallying since late-March this year, which prompted the stock to trend above its 20-day SMA.
• Yesterday’s bullish candlestick continued to close higher, indicating strong buying force. Coupled with a bullish MACD signal, we expect the stock to continue trending higher.
• From here on, overhead resistance can be seen at RM0.700 (R1) and RM0.850 (R2).
• Conversely, downside supports can be identified at RM0.340(S1) and RM0.220 (S2).

MI (Not Rated)

• Yesterday, MI rose 17.00 sen (+8.67%) to close at RM2.13.
• Chart-wise, the stock has been trending upwards since mid-March this year.
• Yesterday’s bullish candlestick prompted the stock to close above its 50-day SMA, on the back of stronger-than-average trading volumes. Coupled with a bullish MACD signal, the stock may be poised for more upside.
• Should buying momentum persist, overhead resistance is at RM2.35 (R1) and RM2.90 (R2).
• Conversely, support levels can be identified at RM1.85 (S1) and RM1.63 (S2)

Source: Kenanga Research - 8 Apr 2020