Buying support on selective banking heavyweights allowed the FBM KLCI to recoup most of its previous session’s losses as the key index closed around the 1,765.13 pts yesterday. The MACD Histogram has extended another red bar, while the RSI is above 50. Resistance will be pegged around the 1,770-1,780 levels. Support will be set around the 1,750 level.

OCK has formed a bullish engulfing candle and subsequently closed above the EMA20 level. The MACD Histogram has turned green, but the RSI is below 50. Price may rally, targeting the RM0.985-RM1.00 levels. Support will be anchored around the RM0.885 level.

CCK has formed a breakout-pullback-continuation pattern above the RM0.90 level accompanied by some improved volumes. The MACD Histogram has turned green, but the RSI is approaching the overbought level. Price target will be envisaged around the RM0.985 and RM1.05 levels. Support will be set around the RM0.90 level.

T7GLOBAL has experienced a consolidation breakout above the RM0.40 level with high volumes. The MACD Histogram has turned green, while the RSI is above 50. Price may rally, targeting the RM0.44- RM0.49 levels after a mild pullback. Support will be pegged around the RM0.37 level.

Source: Mplus Research - 2 Aug 2017