Mild bargain hunting activities lifted the FBM KLCI and allowed it to recover some of its previous session’s losses as the key index closed higher to around the 1,630.17 level last Friday. The MACD Histogram has turned green, but the RSI is hovering below 50. Resistance will be pegged around the 1,650-1,660 levels. Support will be set around the 1,610 level.

UNIMECH has experienced a breakout-pullback-continuation formation above the EMA20 level with improved volumes. The MACD Indicator has issued a BUY Signal, while the RSI has risen above 50. Price target will be envisaged around the RM1.18 and RM1.21 levels. Support will be set around the RM1.05 level.

UOADEV has advanced to re-test the EMA60 level accompanied by rising volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Monitor for a breakout above the RM2.23 level, targeting the RM2.35-RM2.45 levels. Support will be anchored around the RM2.11 level.

MMCORP has rebounded to close above the EMA120 level with improved volumes. The MACD Indicator has issued a BUY Signal, while the RSI is approaching the overbought level. Monitor for a symmetrical triangle formation breakout above the RM1.10 level, targeting the RM1.18-RM1.21 levels. Support will be pegged around the RM1.01 level.

Source: Mplus Research - 16 Apr 2019