FBMKLCI

The FBM KLCI has gapped below the support of the 1,882 level. The MACD indicator is weakening, while the RSI is trending lower below 50. The key index may face more selling pressure ahead and may head to the support of the 1,850-1,860 levels, after a mild technical rebound. Resistance will be set around the 1,900 level.

EUROSP (7094)

EUROSP has breached the immediate resistance of the RM0.85 level with high volumes. The MACD Indicator has expanded positively above zero. The RSI, however, is overbought. Price target will be envisaged around the RM1.00 level. Support will be set around the RM0.81 level.

SMISCOR (7132) – Weekly

SMISCOR experienced a pennant breakout above the RM0.81 level accompanied by high volumes. The MACD Histogram has turned green, while the RSI is hovering above 50. As the positive momentum is picking up, price may rally towards the RM1.00-RM1.09 levels. Support will be pegged around the RM0.76 level.

MUH (9539)

MUH has formed a white bullish candle above the EMA20 level last week. The RSI is located below the 50 level. However, the MACD Histogram has been turning green. Monitor for a breakout above the RM0.71 level, targeting the RM0.755 and RM0.81 levels. Support will be set around the RM0.685 level.

Source: MalaccaSecurities Research - 21 Jul 2014