After enduring a choppy trading session, the FBM KLCI managed to claw its way into the positive territory as the key index closed higher to around the 1,685.94 level yesterday. The MACD Histogram has extended another green bar, but the RSI remains oversold. Resistance will be pegged around the 1,700-1,710 levels. Support will be set around the 1,670 level.

PINEPAC has formed a bullish candle to re-test the EMA20 level with improved volumes. The MACD Histogram has turned green, while the RSI has risen above 50. Monitor for a symmetrical triangle formation breakout above the RM0.38 level, targeting the RM0.42 and RM0.465 levels. Support will be set around the RM0.325 level.

GCB has formed a bullish engulfing candle to rebound off the EMA120 level with rising volumes. The MACD Histogram has turned green, while the RSI has recovered from oversold. Price may advance, targeting the RM2.52-RM2.70 levels. Support will be anchored around the RM2.03 level.

ELSOFT has formed a hammer candle to close above the EMA20 level with high volumes. The MACD Histogram has turned green, while the RSI has recovered from oversold. Monitor for a breakout above the RM3.10 level, targeting the RM3.45-RM3.53 levels. Support will be pegged around the RM2.86 level.

Source: Mplus Research - 31 Oct 2018