The FBM KLCI succumbed to quick profit taking activities as the key index formed a bearish candle to close lower at around the 1,599.19 level yesterday. The MACD Histogram has turned red, while the RSI remains below 50. Resistances will be pegged around the 1,620-1,630 levels. Support will be set around the 1,570 level.

SERBADK has gapped-up to close above the EMA20 level. The MACD Histogram has extended another green bar, while the RSI has recovered from the oversold level. Price targets are envisaged at the RM4.22 and RM4.28 levels. Support will be located around the RM3.89 level.

GADANG has advanced to close above the EMA9 level with mildly improved volumes. The MACD Histogram has turned green, while the RSI is approaching 50. Monitor for a short-term symmetrical triangle formation breakout above the RM0.83 level, targeting the RM0.89 and RM0.96 levels. Support will be anchored around the RM0.765 level.

SEDANIA has trended above the EMA20 level with mildly improved volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Monitor for a breakout above the RM0.18 level, targeting the RM0.21-RM0.235 levels. Support will be pegged around the RM0.16 level

Source: Mplus Research - 17 May 2019