Extended buying support in selected banking heavyweights sent the FBM KLCI higher for the ninth straight session as the key index closed at the 1,759.24 level yesterday. The MACD Histogram has extended another green bar, but the RSI is overbought. Resistance will be pegged around the 1,780- 1,800 levels. Support will be set around the 1,740 level.

ECONBHD has experienced a breakout above the RM0.785 level with high volumes The MACD Histogram has turned green, while the RSI remains above 50. Price target will be envisaged around the RM0.89 and RM0.95 levels. Support will be set around the RM0.725 level.

DIALOG has rebounded off the EMA9 level accompanied by rising volumes. The MACD Histogram has extended another green bar, while the RSI is treading below the overbought level. Monitor for a breakout above RM3.33 level, targeting the RM3.50-RM3.57 levels. Support will be anchored around the RM3.21 level.

UNIMECH has formed a hammer candle to rebound off the EMA60 level. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a breakout above the RM1.05 level, targeting the RM1.14-RM1.17 levels. Support will be pegged around the RM0.96 level

Source: Mplus Research - 20 Jul 2018