The FBM KLCI managed to recover all its intraday losses to close above the EMA9 level as the key index closed higher to around the 1,609.33 level last Friday. The MACD Indicator has issued a BUY Signal, but the RSI remains below 50. Resistances will be pegged around the 1,620-1,630 levels. Support will be set around the 1,590 level.

GBGAQRS has formed a bullish engulfing candle to re-test the EMA9 level accompanied by rising volumes. The MACD Histogram has recovered from the oversold level. Monitor for a trendline breakout above the RM1.28 level, targeting the RM1.40 and RM1.49 levels. Support will be set around the RM1.20 level.

CHINHIN has gapped-up to rebound off the EMA120 level. The MACD Histogram has turned green, while the RSI is approaching 50. Monitor for a trendline breakout above the RM0.80 level, targeting the RM0.83-RM0.85 levels. Support will be anchored around the RM0.775 level.

TEOSENG has formed a bullish engulfing candle to close above the EMA20 level with rising volumes. The MACD Indicator has issued a BUY Signal, while the RSI is approaching 50. Monitor for a breakout above the RM1.10 level, targeting the RM1.19-RM1.27 levels. Support will be pegged around the RM1.03 level.

Source: Mplus Research - 26 Aug 2019