FBMKLCI

The FBM KLCI continues to extend its downtrend with a gap down formation amid selling pressure on heavyweights. The MACD Histogram continues to drift lower. The RSI, however, is oversold. Support will be located around the 1,850-1,860 levels. Resistance will be pegged around the 1,880-1,900 levels.

WINGTM (2976) – Weekly

WINGTM has retested the RM2.20 level following a rebound from the RM2.00 level. The MACD indicator has crossed above zero. The RSI is trending higher. Monitor for a breakout above the RM2.20 level, targeting the RM2.38-RM2.45 levels. Support will be located around the RM2.06 level.

TOPGLOV (7113)

TOPGLOV has formed an inverted Head and Shoulders formation over the past four months. The MACD indicator has issued a “Buy” signal. The RSI is hovering above 50. Monitor for a breakout above the RM4.77 level, targeting the RM5.00-RM5.21 levels. Support will be set around the RM4.61 level.

HIAPTEK (5072)

HIAPTEK has experienced a breakout above the RM0.765 level with improved volumes. The MACD Line is above zero, while the MACD Histogram continues to strengthen last week. Price target will be envisaged around the RM0.825-RM0.845 levels. Support will be set around the RM0.735 level.

Source: MalaccaSecurities Research - 4 Aug 2014