FBMKLCI

The FBM KLCI continues to stay below the uptrend line, indicating that the momentum is still negative. The MACD Line has crossed below zero. The RSI is still hovering below 50. Support will be located around the 1,850-1,860 levels. Resistance will be envisaged around the 1,900 level.

GLOMAC (5020) – Weekly

GLOMAC has closed above the EMA20 level after a rebound above the immediate support of the RM1.03 level. The MACD has issued a “Buy” signal. The RSI, however, is below 50. Price is likely to climb towards the price target of the RM1.16-RM1.24 levels. Support will be set around the RM1.00 level.

AAX (5238)

AAX experienced a trendline breakout above the RM0.80 level accompanied by high volumes. The MACD indicator has expanded positively above zero. The RSI, however, is overbought. Price may resume its uptrend after a healthy pullback towards the support of the RM0.785 level. Resistance is set around the RM0.85 level.

TAFI (7211)

TAFI has experienced a sideways consolidation breakout above the RM0.435 level with high volumes. The MACD indicator has issued a “Buy” signal, but the RSI is slightly overbought. Price may rally towards the target of the RM0.52-RM0.60 after a short consolidation. Support is pegged around the RM0.40 level.

Source: MalaccaSecurities Research - 23 Jul 2014