Highlights / Stock Picks of the Day Benalec Holdings ("BENALEC") – Not Rated

In spite of the positive news on BENALEC's maiden foray into the O&G sector last December, the share price has been battered over the past two months. Yesterday, BENALEC ended at RM1.18, down almost 20% from its December high. The share price is currently trading close to a confluence of support levels (RM1.14) where we expect some bargain hunting to exist. Its overall uptrend remains largely intact, and both the Stochastic and RSI indicators have also hooked upwards from oversold territory. We reckon that a rebound is likely, and expect the share price to gradually inch higher towards RM1.23 and RM1.27 next. Meanwhile, strong support remains at RM1.14, and RM1.10 further down.

Source: Kenanga