The FBM KLCI ended sharply higher, in line with the positive performance across regional indices as the key index closed at the 1,791.09 level yesterday. The MACD Histogram has extended another red bar, while the RSI remains overbought. Resistance will be pegged around the 1,800-1,820 levels. Support will be set around the 1,770 level.

MMCCORP has formed a bullish engulfing candle to close above the EMA60 level with rising volumes. The MACD Histogram has turned green, while the RSI remains above 50. Price may advance, targeting the RM1.57 and RM1.66 levels. Support will be set around the RM1.42 level.

GADANG has formed a breakout-pullback-continuation pattern above the EMA20 level with improved volumes. The MACD Histogram has turned green, while the RSI remains above 50. Price may trend higher, targeting the RM0.815-RM0.865 levels. Support will be anchored around the RM0.73 level.

MRCB has experienced a flag formation breakout above the RM0.785 level with improved volumes. The MACD Histogram has turned green, while the RSI is treading marginally below the overbought level. Price may march higher, targeting the RM0.85-RM0.895 levels. Support will be pegged around the RM0.74 level.

Source: Mplus Research - 8 Aug 2018