The FBM KLCI pulled back from an intraday high of 1,777.08 and closed below the Bollinger Band's middle band (around 1,770) before closing at 1,767.17 (-7.78, -0.4%). The candlestick appears as bearish engulfing. The MACD histogram turned from green to an extended red bar below the zero level and the MACD line stays below signal line, forming a bearish divergence. The RSI is hovering below the 45 level. The immediate support levels are monitored around 1,762, 1,754 and more critically at 1,729, while the resistance levels are pegged near 1,787 and 1,792 respectively.

EITA's stock price rebounded above the EMA9 and the Bollinger Band's middle band on the first day of its expansion. The MACD histogram extended another green bar, while the RSI is rising above 60 level. Monitor for the price to break up and stay above RM2.03 to move toward RM2.11 and RM2.27 respectively. Trailing stop with daily EMA9 or new entry stop loss below RM1.90.

MIECO's stock price rebounded above the Bollinger Band's middle band. The MACD histogram extended another green bar crossing above zero level and the MACD line crossed above the signal line, while the RSI is rising above the 55 level. Monitor for the price to break out and stay above RM2.27 to envisage a move toward RM2.43 and RM2.67 respectively. Trailing stop with daily EMA9 or new entry stop loss below RM2.17.

WASEONG's stock price rebounded above the EMA9 and the Bollinger Band's middle band. The MACD histogram turned from red to green above the zero level, while the MACD line is hovering above the signal line. The RSI is crossing above the 55 level. Monitor for the price to breakout above RM0.915 to head towards RM0.980 and RM1.02 respectively. Trailing stop loss with the daily EMA9 line or new entry stop loss below RM0.875.

Source: Mplus Research - 24 May 2017