Despite opening lower and trading mostly in the negative territory, the FBM KLCI recouped all its intraday losses to close around 1,775.50 pts yesterday as the key index formed a hammer candle. 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.

MASTEEL has experienced a breakout-pullback-continuation pattern above the EMA60 level. The MACD Histogram has extended another green bar, while the RSI is above 50. Monitor for a trendline breakout above the RM1.16 level, targeting the RM1.24-RM1.28 levels. Support will be anchored around the RM1.08 level.

After finding support above the EMA120 level, KGB experienced a short-term consolidation breakout above the RM0.66 level with improved volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Price may trend higher, targeting the RM0.71 and RM0.75 levels after a mild consolidation. Support will be set around the RM0.64 level.

MIKROMB has formed a bullish engulfing candle to close above the EMA60 level accompanied by rising volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Monitor for a breakout above the RM0.51 level, targeting the RM0.555-RM0.595 levels. Support will be pegged around the RM0.47 level.

Source: Mplus Research - 25 Aug 2017