COMCORP (Not Rated). COMCORP rallied to a fresh all-time high yesterday with a 11.5 sen (+13.9%) surge to RM0.945. For months, the share price had been facing strong resistance at RM0.845 months despite the series of rising troughs over this period. As such, yesterday’s breakout above the RM0.845 level marks a crucial move in confirming an “Ascending Triangle” pattern. This indicates that COMCORP is poised to resume its prior uptrend. From here, expect COMCORP’s share price to gradually make its way towards the RM1.16 measurement objective. Traders may consider buying now, or on any pullback towards the RM0.84 (R1) return-line. Resistance levels to look out for are RM1.00 (R1) and RM1.08 (R2) while support levels are RM0.84 (S1) and RM0.69 (S2).

3A (Not Rated). 3A has been undergoing a consolidation phase to neutralise its overbought situation after reaching a high of RM1.46 two weeks ago. Yesterday, the share price has garnered strong trading volume to surge 5.0 sen (3.76%) to break out from its consolidation phase to close at RM1.38. Uptick in both RSI and Stochastic are reflecting the sudden surge in buying momentum, suggesting that a rebound play is plausible at this juncture. Shall follow through buying interest persist, we view that the share price could look to climb higher towards RM1.46 (R1) and possibly RM1.55 (R2) next. Meanwhile, key support levels are noted at RM1.29 (S1) followed by RM1.20 (S2).

Source: Kenanga Research - 16 Jun 2016