The negative market sentiment on Wall Street overnight permeated towards the local bourse as the FBM KLCI extended its losses to close marginally lower at around the 1,777.77 pts yesterday. The MACD Histogram has extended another red bar, while the RSI is overbought. Resistance will be pegged around the 1,800-1,820 levels. Support will be set around the 1,770 level.

CHINHIN has rebounded off the EMA60 level to close above the EMA20 level. The MACD Histogram has turned green, while the RSI is approaching 50. Monitor for a breakout above the RM1.36 level, targeting the RM1.42-RM1.49 levels. Support will be anchored around the RM1.31 level.

3A has formed a bullish engulfing candle and subsequently re-tested the RM1.37 level with improved volumes. The MACD Histogram has turned green, while the RSI has risen above 50. Monitor for a breakout above the RM1.37 level, targeting the RM1.42 and RM1.50 levels. Support will be set around the RM1.32 level.

MLGLOBAL has rebounded off the EMA20 level accompanied by rising volumes. The MACD Histogram has turned green, while the RSI is above 50. Monitor for a symmetrical triangle formation breakout, targeting the RM1.34-RM1.40 levels. Support will be pegged around the RM1.20 level.

Source: Mplus Research - 11 Aug 2017