SALUTE (Not Rated)

• SALUTE gained 5.0 sen (+9.8%) to end at RM 0.560 yesterday.

• Chart-wise, the stock has crossed above 50-days SMA yesterday, backed by higher-than-average trading volume.

• Coupled with bullish signal from MACD and uptick in momentum indicator, we believe the stock could move higher.

• On the way up, resistance levels are identified at RM0.660 (R1) and RM0.800 (R2).

• Conversely, supports can be found at RM0.400 (S1) and RM0.270 (S2).

BINACOM (Not Rated)

• BINACOM rose 4.0 sen (+10.81%) to close at RM0.410 yesterday.

• Chart-wise, the stock has broken above all the key SMAs yesterday, supported by higher-than-average trading volume.

• Coupled with bullish signal from MACD indicator, we believe the stock could move higher.

• From here on, overhead resistance can be seen at RM0.450 (R1) and RM0.510 (R2).

• Conversely, downside supports can be identified at RM0.320 (S1) and RM0.290 (S2).

Source: Kenanga Research - 23 Apr 2020