Trading Stocks - 27 April 2016 - Ajinamoto | Ecofirst | GAB | Armada | Denko | Menang





Ajinamoto  may  trend  higher  after  extending  its  climb  above  the MYR9.60  level  to  hit  a  new  high.  A  bullish  bias  may  be  present above  this  point,  with  a  target  price  of  MYR10.40,  followed  by MYR11.50. On the other hand, the stock may turn sideways if it dips  below  the  MYR9.60  mark.  Support  may  be  found  at  MYR8.78, where traders can  exit upon a breach to avoid  the risk of a further correction.

Ecofirst  Consolidation  was  testing  the  MYR0.265  level  in  its  latest session.  The  stock  may  rebound  further  if  it  breaches  this  point  in the  near  term,  with  a  target  price  of  MYR0.29.  It  would  likely  drift sideways  if  the  MYR0.265  mark  cannot  be  surpassed.  Support  may be  found  at  MYR0.245  where  traders  can  exit  upon  a  breach  to avoid the risk of a further correction.

Guiness  Anchor  may  trend  higher  after  breaching  the  MYR14.72 level in its latest session to hit a multi-year high. A bullish bias may be  present  above  this  point,  with  a  target  price  of  MYR16.00, followed  by  MYR16.50.  On  the  other  hand,  the  stock  may  turn sideways if  it dips  back below the MYR14.72 level. Support may be found  at  MYR14.20,  where  traders  can  exit  upon  a  breach  on closing to avoid the risk of a further correction.
Bumi  Armada  was  testing  the  MYR0.81  level  in  its  latest  session. The stock may experience a further technical rebound if it breaches this  point  in  the  near  term,  with  a  target  price  of  MYR0.90. However, it may resume its downtrend if the MYR0.81 mark cannot be  surpassed  in  the  near  term.  Support  may  be  found  at  MYR0.75 where traders can  exit upon a breach to avoid  the risk of a further correction.

Denko  Industrial  Corporation  was  testing  the  MYR0.39  level  in  its latest  session.  The  stock  may  climb  further  if  it  breaches  this  point in the near term, with a target price of MYR0.445. However, it may consolidate  further  if  the  MYR0.39  mark  cannot  be  breached. Support  may  be  found  at  MYR0.37  where  traders  can  exit  upon  a breach to avoid the risk of a further correction.

Menang  Corporation  may  experience  a  correction  after  forming  an “Inverted  Hammer” candle  pattern  in  an  overbought  condition. Traders  may  expect  a  further  weakness  if  it  falls  below  the MYR0.915 level in the immediate term, with support anticipated at MYR0.815.  The  stock  may  move  sideways  if  it  holds  above  the MYR0.915 mark. The bullish bias would return if it closes above the MYR0.95 level – a resistance point in Nov-14.
Source: RHB Research - 27 Apr 2016

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