Despite opening higher at the start of the trading bell, the FBM KLCI succumb to profit taking activities before closing lower at 1,753.78 pts yesterday and subsequently formed a bearish engulfing candle. The MACD Histogram, however, has extended another green bar, but the RSI remains below 50. Resistance will be pegged around the 1,760-1,770 levels. Support will be set around the 1,750 level.

HEVEA has formed a breakout-pullback-continuation pattern above the EMA9 level accompanied by high volumes. The MACD Histogram has turned green, but the RSI is overbought. Monitor for a breakout above the RM1.53 level, targeting the RM1.66 and RM1.79 levels. Support will be anchored around the RM1.44 level.

After finding some support above the RM1.40 level, WILLOW maintained its momentum above the EMA9 level. The MACD Histogram has extended another green bar, while the RSI is above 50. Monitor for a consolidation breakout above the RM1.60 level, targeting the RM1.75-RM1.85 levels. Support will be pegged around the RM1.48 level.

AZRB has formed a flag formation breakout above the RM1.16 level with improved volumes. The MACD Histogram has turned green, but the RSI is overbought. Price may rally towards the RM1.30-RM1.40 target levels. Support will be set around the RM1.09 level.

Source: Mplus Research - 14 Jul 2017