ARIASIA (Not Rated)

• AIRASIA dropped 11.0 sen (-10.82%) to close at RM0.865 yesterday.
• Chart-wise, the stock has been on an uptrend since mid-March.
• Yesterday’s closed lower with the formation of a “Marubozu” candlestick, while backed by above average trading volume. Should the selling pressure persist we expect the stock to continue trending downwards.
• Should the stock continue heading downward, key support levels are seen at RM0.750 (S1) and RM0.600 (S2).
• Conversely, overhead resistance can be identified at RM1.10 (R1) and RM1.20 (R2).

MFCB (Not Rated)

• MFCB declined by 44.0 sen (-6.83%) to close at RM6.00 yesterday.
• Chart-wise, the stock has been on an uptrend since early-March.
• Yesterday’s candlestick closed lower and broke the stock’s 20-Day SMA. Coupled with a bearish-MACD and a lower RSI, we expect the stock to head lower.
• Should the stock continue trending downward, key support levels are seen at RM5.60 (S1) and RM5.00 (S2).
• Conversely, overhead resistance can be identified at RM6.70 (R1) and RM7.00 (R2).

Source: Kenanga Research - 16 Jun 2020