FBMKLCI

The FBM KLCI has rebounded off the 1,860 level and closed marginally higher by 1.58 pts. The MACD Line, however, is below zero. Nevertheless, the RSI is above 50. The FBM KLCI may be supported above the 1,850-1,860 levels. Meanwhile, resistances will be pegged around the 1,880-1,890 levels.

ABRIC (7061)

ABRIC has experienced a sideways consolidation breakout above the RM0.69 level with improved volumes. The MACD indicator has issued a “Buy” signal, while the RSI is hovering above 50. Price may rally towards the RM0.825 and RM0.90 levels. Support will be pegged around the RM0.65 level.

TONGHER (5010) – Weekly

TONGHER has experienced a resistance breakout above the RM2.11 level with significant volumes. The weekly MACD indicator has issued a “Buy” signal, while the weekly RSI is above 50. Price may rally towards the price target of the RM2.50 and RM3.00 after a short consolidation. Support will be set around the RM1.89 level.

SYSTECH (0050)

SYSTECH has surged above the resistance of the RM0.16 level with high volumes. The MACD indicator has flashed a “Buy” signal above the zero level. The RSI is trending higher above 50. Price target will be envisaged around the RM0.20 and RM0.24 levels. Support will be located around the RM0.14 level.

Source: MalaccaSecurities Research - 3 Sep 2014