Despite recovering most of its intraday losses, FBM KLCI remained in the red as the key index closed marginally lower to around the 1,600.29 level yesterday. The MACD Histogram has extended another green bar. The RSI, however, remains oversold. Resistance will be pegged around the 1,620-1,630 levels. Support will be set around the 1,580 level.

PWROOT has formed a bullish engulfing candle to rebound off the EMA20 level with mildly improved volumes. The MACD Histogram has extended another green bar, but the RSI remains below 50. Price may trend higher, targeting the RM1.94 and RM2.01 levels. Support will be set around the RM1.71 level.

ELSOFT has rebounded to close above the EMA60 level. The MACD Histogram has extended another green bar, but the RSI is oversold. Monitor for a symmetrical triangle formation breakout above the RM0.90 level, targeting the RM0.955-RM1.01 levels. Support will be anchored around the RM0.865 level.

BAUTO has rebounded to close above the EMA120 level accompanied by rising volumes. The MACD Histogram has turned green, but the RSI is oversold. Monitor for a trendline breakout above the RM2.46 level, targeting the RM2.57-RM2.64 levels. Support will be pegged around the RM2.39 level.

Source: Mplus Research - 16 Aug 2019