PELIKAN (Not Rated)

• PELIKAN gained 1.50sen (+3.95%) to close at RM0.395 yesterday.
• Chart-wise, the stock has been on an uptrend since mid-March.
• Yesterday’s candlestick closed higher with an uptick in RSI and a bullish MACD. Coupled with above average trading volume and a “Golden Cross” formation, we expect the uptrend to persist.
• From here on, overhead resistance can be seen at RM0.445 (R1) and RM0.535 (R2).
• Conversely, downside supports can be identified at RM0.320 (S1) and RM0.220 (S2).

CANONE (Not Rated)

• CANONE gained 22.0 sen (+8.76%) to close at RM2.73 yesterday.
• Chart-wise, the stock has been recovering since mid-March this year.
• Yesterday’s closed higher with the formation of a “Marubozu” candlestick backed by above-average trading volume. Given an uptick in the 20-Day SMA, we expect the upward momentum to persist.
• Should the stock continue heading upward, overhead resistance is seen at RM3.05 (R1) and RM3.40 (R2).
• Conversely, support levels can be identified at RM2.40 (S1) and RM2.20 (S2).

Source: Kenanga Research - 8 May 2020