Despite opening sharply higher at the start of the trading bell, quick profit taking erased most of the FBM KLCI intraday gains as the key index closed around the 1763.34 pts yesterday. The MACD Histogram has extended another green bar, but the RSI remains below 50. Resistance will be pegged around the 1,770-1,780 levels. Support will be set around the 1,750 level.

CHINWEL has formed a bullish engulfing candle accompanied by improved volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Monitor for a breakout above the RM1.85 resistance level, targeting the RM1.97-RM2.06 levels. Support will be anchored around the RM1.74 level.

GHLSYS has formed a flag-formation breakout above the RM1.53 level accompanied by improved volumes. The MACD Histogram has turned green, while the RSI is above 50. Price targets are envisaged at the RM1.75-RM1.87 levels. Support will be set around the RM1.49 level.

TATGIAP has experienced a breakout above the RM0.205 level accompanied by higher-than-average volumes. The MACD Indicator has expanded positively above the zero level, but the RSI is slightly overbought. Price may rally, targeting the RM0.25-RM0.29 levels after a mild consolidation. Support will be set around the RM0.19 level.

Source: Mplus Research - 26 Jul 2017