The FBM KLCI reversed all its previous session’s gains after selling pressure escalated in the second half of the trading session, resulting in the key index closing at 1,736.82 pts yesterday. The MACD Histogram has extended another red bar, while the RSI has slipped into the oversold position. Resistance will be pegged around the 1,750-1,760 levels. Support will be set around the 1,730 level.

SALUTE advanced to close above the EMA20 level with rising volumes. The MACD Histogram has turned green, while the RSI has risen above 50. Monitor for a breakout above the RM1.40 level, targeting the RM1.49-RM1.55 levels Support will be set around the RM1.31 level.

CAB has experienced a symmetrical triangle formation breakout above the RM1.01 level with high volumes. The MACD Histogram has extended another green bar, while the RSI remains above 50. Price may undergo a mild consolidation before targeting the RM1.10-RM1.20 levels. Support will be anchored around the RM0.93 level.

MIECO has experienced a breakout-pullback-continuation pattern above the EMA20 level with improved volumes. The MACD Histogram has extended another green bar, while the RSI remains above 50. Price may trend higher, targeting the RM1.26 and RM1.30 levels. Support will be pegged around the RM1.15 level.

Source: Mplus Research - 25 Oct 2017