Buying support amongst selective index heavyweights in the second half of the trading session lifted the FBM KLCI higher, closing around the 1,659.16 pts last Friday. The MACD Histogram has extended another green bar, but the RSI is hovering below 50. Resistance will be pegged around the 1,670-1,680 levels. Support will be set around the 1,650 level.

KSL has breached above the short term consolidation of the RM1.25 level with improved volumes. The MACD Indicator has issued a BUY signal, while the RSI is above 50. Price target will be envisaged around the RM1.33 and RM1.39 levels. Support will be set around the RM1.21 level.

MFLOUR has extended its gains and subsequently re-tested the RM2.49 resistance level accompanied by improved volumes. The MACD Indicator has issued a BUY signal, while the RSI has rebounded off 50. Monitor for a breakout above the RM2.49 level, targeting the RM2.87-RM3.00 levels. Support will be anchored around the RM2.25 level.

WCEHB has experienced a breakout-pullback-continuation pattern above the RM1.41 level. The MACD Histogram has extended another green bar, but the RSI is approaching the overbought level. Monitor for a breakout above the RM1.47 level, targeting the RM1.55-RM1.68 levels. Support will be pegged around the RM1.41 level.

Source: Mplus Research - 24 Jul 2017