The FBM KLCI extended its gains for the fourth straight session as the key index closed at an intraday high of around the 1,774.53 pts last Friday. The MACD Histogram has extended another green bar, but the RSI is overbought. Resistance will be pegged around the 1,780-1,800 levels. Support will be set around the 1,750 level.

After finding support along the EMA60 level, LSTEEL has gapped up to close above the EMA20 level with mild volumes. The MACD Histogram has turned green, while the RSI is above 50. Monitor for a breakout above the RM0.61 level, targeting the RM0.665-RM0.735 levels. Support will be anchored around the RM0.56 level.

An uptrend intact formation was established in SEDANIA after its price rebounded off the EMA9 level accompanied by improved volumes. The MACD Indicator has expanded positively above the zero level, while the RSI is treading below the overbought level. Price target will be envisaged around the RM0.375 and RM0.40 levels. Support will be set around the RM0.33 level.

TADMAX has formed a bullish engulfing candle to close above the EMA20 level. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a short-term consolidation breakout above the RM0.405 level, targeting the RM0.435-RM0.47 levels. Support will be pegged around the RM0.39 level.

Source: Mplus Research - 7 Aug 2017