The FBM KLCI is still hovering below the Bollinger Band despite rebounding in the previous trading day, closing at 1738.18 points (-5.90, -0.34%) as most stocks are still trading in the negative territory. The MACD histogram extended another red bar, while the RSI still hovering below 50 level. The immediate resistant is observed at the range of 1741 – 1747, while further up the resistant range is pegged around the 1759-1772 levels. Support will be monitored around 1714 and the next critical support is near 1690.

MYCRON rebounded to near the 200 moving average line with a higher low above the Bollinger Band’s middle band after forming a bullish engulfing pattern. The stock price is likely to challenge the immediate resistant level at RM0.875. The MACD histogram has extended another green bar, while the RSI has risen above 55 level. Monitor for a breakout above RM0.875 to target RM0.895-RM0.925. If price momentum could carry beyond RM0.925, B target is around RM0.96-RM1.01. Support should be observed around the RM0.785 level.

PESONA rebounded above the Bollinger Band’s middle range after a pullback. The MACD histogram has turned green, riding above the signal line, while the RSI continues turns up above 60 toward the 70 level. Monitor for breakout above RM0.735 for next potential targets around RM0.785 and RM0.815. If the momentum could carry its price beyond RM0.815, the next upside targets are at around RM0.865 and RM0.895. Trailing stop at the daily EMA9 or new entry stop loss below RM0.685.

SYF has been pulling back to its MA200 line for more than two months. The stock price is rebounding above the MA200 line, breaking out of the downtrend line with high volumes and its candle is currently above the Bollinger Band’s middle band. The MACD has crossed up above the signal line and the RSI is approaching the 50 level. Monitor for the price to stay above RM0.570 to target RM0.605 and beyond that level, the next resistance is envisage at RM0.660. Trailing stop loss is at the daily EMA9 line and the new entry stop loss point is below RM0.550.

Source: Mplus Research - 14 Apr 2017