FBMKLCI

The FBM KLCI ended lower on Friday on a last minute selling pressure, forming a bearish engulfing candle. The MACD Histogram has turned red, while the RSI has crossed below 70. Resistance will be envisaged around the 1,880-1,890 levels. Support will be pegged around the 1,850-1,860 levels.

EFFICEN (0064)

EFFICEN has rebounded off the EMA9 level and supported above the RM0.23 level. The MACD indicator has expanded positively above zero, but the RSI is slightly overbought. Price may rally towards the RM0.275 and RM0.29 levels after a short consolidation. Further support will be set around the RM0.195 level.

KPS (5843)

KPS has experienced a consolidation breakout above the RM1.68 level with high volumes. Despite the MACD Line is below zero, it has issued a “Buy” signal. The RSI, however is overbought. Price may rally towards the RM2.00 and RM2.35 levels after a mild consolidation. Support will be located around the RM1.38 level.

IQGROUP (5107) – Weekly

IQGROUP has experienced consolidation breakout above the RM1.23 level with high volumes. The weekly MACD indicator has issued a “Buy” signal. Price is likely to surge higher towards the price target of the RM1.81-RM2.00 levels after a mild consolidation. Support will be located around the RM1.04-RM1.23 levels.

Source: MalaccaSecurities Research - 2 Sep 2014