Tracking the positive developments on Wall Street overnight, the FBM KLCI recorded its fourth straight day of winning streak to close around 1,776.31 pts yesterday. The MACD Histogram has turned green, while the RSI is above 50. Resistance will be pegged around the 1,780-1,800 levels. Support will be set around the 1,750 level.

After forming a double bottom formation, YONGTAI has experienced a trendline breakout above the RM1.42 level with improved volumes. The MACD Histogram extended another green bar, while the RSI is above 50. Price may rally, targeting the RM1.51-RM1.61 levels. Support will be anchored around the RM1.35 level.

CHINHIN has rebounded off the EMA60 level and closed above the EMA20 level. The MACD Histogram has turned green, but the RSI is below 50. Monitor for a short-term consolidation breakout above the RM1.36 level, targeting the RM1.42 and RM1.49 levels. Support will be set around the RM1.31 level.

EKOVEST has closed above the EMA120 level 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 RM1.15 level, targeting the RM1.24-RM1.37 levels. Support will be pegged around the RM1.07 level.

Source: Mplus Research - 18 Aug 2017