The FBM KLCI failed to defend the 1,600 psychological level in line with the weakness across global equities as the key index closed lower to around the 1,592.88 level on Tuesday. The MACD Histogram has turned red, while the RSI remains oversold. Resistance will be pegged around the 1,600-1,610 levels. Support will be set around the 1,580 level.

MAGNUM has experienced a breakout-pullback-continuation pattern above the EMA120 level with improved volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Price may advance, targeting the RM2.83 and RM2.90 levels. Support will be set around the RM2.58 level.

BJTOTO has experienced a breakout-pullback-continuation pattern above the EMA120 level with improved volumes. The MACD Histogram has extended another green bar, while the RSI is re-testing 50. Price may trend higher, targeting the RM2.82-RM2.90 levels. Support will be anchored around the RM2.58 level.

MASTER has advanced to close above the EMA20 level accompanied by rising volumes. The MACD Histogram has extended another green bar, while the RSI is approaching 50. Price targets are envisaged at around the RM1.28-RM1.35 levels. Support will be located around the RM0.95 level.

Source: Mplus Research - 14 Aug 2019