Tracking the recovery in Wall Street overnight, the FBM KLCI advanced but gains were limited due to selling pressure in selected telco heavyweights as the key index closed at 1,862.45 pts yesterday. The MACD Histogram extended another red bar, while the RSI remains above 50. Resistance will be pegged around the 1,880-1,890 levels. Support will be set around the 1,850 level.

BAUTO has rebounded above the EMA120 level with improved volumes. The MACD Histogram has extended another red bar, while the RSI remains above 50. Monitor for a breakout above the RM2.29, targeting the RM2.47 and RM2.58 levels. Support will be set around the RM2.11 level.

SKPRES has gapped-up and subsequently re-tested the EMA9 level. The MACD Histogram has turned green, while the RSI has recovered from the oversold position. Monitor for a trendline breakout above the RM1.75 level, targeting the RM1.93-RM2.13 levels. Support will be anchored around the RM1.56 level.

SUPERMX has formed a breakout-pullback-continuation pattern above the RM2.49 level accompanied by rising volumes. The MACD Histogram has turned green, while the RSI is above 50. Price may rally, targeting the RM2.92-RM3.00 levels. Support will be anchored around the RM2.49 level.

Source: Mplus Research - 29 Mar 2018