Pelikan  International  Corporation  was  testing  the  MYR0.92 resistance level in  its latest session. Traders may buy if this level is breached in the near term, with a target price of MYR1.00, followed by  MYR1.05.  In  the  meantime,  the  stock  may  drift  sideways  if  the MYR0.92 level cannot be breached. Support may then be found at MYR0.815, where traders can exit upon a breach to avoid the risk of a further correction.

Texchem Resources  may trend higher after surpassing the MYR1.61 level in its latest session.  Traders may buy as a bullish bias could be present above this  level, with a  target  price of MYR1.87, provided the MYR1.72 resistance can be surpassed. The stock may drift lower if it dips back below the MYR1.61  level. In this case, further support is anticipated at MYR1.50, where  traders can exit upon a breach to avoid the risk of a further correction.

Kossan  Rubber  Industries  may  trend  higher  after  recently recovering  back  above  the  MYR8.50  level.  Traders  may  buy  as  a bullish  bias could be present above this  level, with a target price of MYR10.00, provided the MYR9.00 resistance can be  surpassed.  The stock  may  consolidate  further  if  it  dips  back  below  the  MYR8.50level. In this case, further support is anticipated at MYR8.00, wheretraders  can  exit  upon  a  breach  to  avoid  the  risk  of  a  further correction.

Sime  Darby  may  experience  a  technical  rebound  after  forming  a bullish “Piercing Line” pattern  in its latest session. Traders may buy if  the  MYR7.50  level  is  breached  in  the  near  term,  with  a  target price of MYR7.71, followed by MYR8.10. In the meantime, the stock may  drift  sideways  if  the  MYR7.50  level  cannot  be  surpassed. Support  may  then  be  found  at  MYR7.05,  where  traders  can  exit upon a breach.

Eversendai  Corporation  may  trend  lower  after  closing  below  the MYR0.76  level  in  its  latest  session,  albeit  marginally.  Traders  may expect further weakness  if  the stock stays below this level, with  the next support levels anticipated at MYR0.715, followed by MYR0.66. The stock may trend sideways if it recovers back above the MYR0.76 mark.  A  bullish  bias  may  return  if  it  rebounds  back  above  the MYR0.83 level.

EG  Industries  may  retrace  further  to  test  the  MYR0.975  support level  after  recently  forming  an  “Inverted  Hammer”.  Traders  may expect  further  weakness  if  it  breaches  this  level  in  the  near  term, with  the  next  support  level  anticipated  at  MYR0.905,  followed  by MYR0.855.  The  stock  may  trend  sideways  if  it  sustains  above  the MYR0.975  mark. The bullish trend may resume  if it rebounds back above the MYR1.04 level.

Source: RHB Research - 15 Dec 2015