The FBM KLCI retreated for the third straight session as the key index formed a hammer candle to close at around the 1,619.73 level yesterday, suggesting potential recovery over the short-term. The MACD Histogram has extended another red bar, while the RSI remains below 50. Resistance will be pegged around the 1,640-1,650 levels. Support will be set around the 1,600 level.

BAHVEST has formed a bullish candle after rebounded off the EMA120 level with high volumes. The MACD Histogram has turned green, while the RSI has recovered from the oversold level. Monitor for a breakout above the RM0.62 level, targeting the RM0.705 and RM0.74 levels. Support will be set around the RM0.55 level.

MI has rebounded to close above the EMA20 level. The MACD Histogram has extended another green bar, while the RSI is approaching 50. Monitor for a breakout above RM2.25, targeting the RM2.49- RM2.64 levels. Support will be anchored around the RM2.12 level.

FPGROUP has formed a bullish engulfing candle above the EMA20 level with rising volumes. The MACD Histogram has turned green, but the RSI is slightly overbought. Monitor for a breakout above the RM0.37 level, targeting the RM0.405-RM0.43 levels. Support will be pegged around the RM0.335 level.

Source: Mplus Research - 19 Apr 2019