The FBM KLCI march higher on optimism over the tabling of Budget 2020 as the key index rose to close around the 1,556.84 level yesterday. The MACD Histogram has extended another green bar, but the RSI remains oversold. Resistance will be pegged around the 1,570-1,580 levels. Support will be set around the 1,540 level.

SUNCON has gapped-up to close above the EMA120 level. The MACD Histogram has turned green, while the RSI is approaching 50. Monitor for a short-term trendline breakout above the RM2.05 level, targeting the RM2.20-RM2.34 levels. Support will be pegged around the RM1.93 level.

IJM has gapped-up to breakout above the RM2.22 trendline level. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Price may advance, targeting the RM2.37-RM2.44 levels. Support will be set around the RM2.11 level.

MAGNUM has formed a bullish candle to breakout above the RM2.74 level and close above the EMA60 level. The MACD Histogram has extended another green bar, while the RSI has recovered from oversold. Price may trend higher, targeting the RM2.89-RM2.98 levels. Support will be located around the RM2.65 level.

Source: Mplus Research - 14 Oct 2019