The FBM KLCI formed a bullish engulfing candle, boosted by gains in telco heavyweights as key index closed at around the 1,639.37 level yesterday. The MACD Histogram has extended another red bar, while the RSI remains above 50. Resistances will be pegged around the 1,650-1,660 levels. Support will be set around the 1,620 level.

GADANG has formed a breakout-pullback-continuation formation above the EMA20 level with improved volumes. The MACD Histogram has turned green, while the RSI remains above 50. Price targets are envisaged at around the RM0.90 and RM0.96 levels. Support will be located around the RM0.79 level.

REDTONE has experienced a short-term trendline breakout above the RM0.335 level with rising volumes. The MACD Histogram has turned green, while the RSI remains above 50. Price may advance, targeting the RM0.365 and RM0.385 levels. Support will be anchored around the RM0.315 level.

SUNREIT has formed a bullish candle to breakout above the RM1.90 level. The MACD Indicator has issued a BUY Signal, but the RSI is slightly overbought. Price may advance, targeting the RM2.00- RM2.05 levels. Support will be pegged around the RM1.85 level.

Source: Mplus Research - 8 May 2019