FPGROUP (Not Rated)

• FPGROUP rose 4.0 sen (+5.30%) to close at RM0.795 yesterday.
• Following the formation of a “Golden Cross”, the stock continued to close higher after breaking above all of its key SMAs which was backed by stronger-than-average trading volumes.
• Coupled with continuous upticks from its momentum indicators, we believe the stock may be poised for more upside.
• From here on, overhead resistance can be found at RM1.00 (R1) and RM1.20 (R2).
• Conversely, downside supports can be identified at RM0.600 (S1) and RM0.450 (S2).

LYC (Not Rated)

• LYC gained 2.0 sen (+4.88%) to close at RM0.430 yesterday
• Chart-wise, the stock began rallying since late-March, which sees it currently trending above all of its key SMAs.
• Coupled with bullish signal from MACD, we believe the stock could trend higher.
• Should the bullish momentum persist, resistance levels are identified at RM0.545 (R1) and RM0.670 (R2).
• Conversely, support levels are identified at RM0.300 (S1) and RM0.235 (S2).

Source: Kenanga Research - 21 May 2020

Daily technical highlights – (FPGROUP, LYC)