Weekly Trend: Uptrend 

The weekly trend was bullish as the FBMKLCI up more than 200 points in less than 3 months time due to previous oversold sentiment, the recent strong Ringgit versus the US dollar and the possible delay of US rate hike. However, there is a “Shooting Star” candlestick pattern spotted in the index after 5 straight day’s gain which suggests possible short-term trend weakness or price consolidation.

Support: In between 1647-1652

Resistance: 1740

Support level pledged at 1647-1652 (rising window gap) while resistance level at 1740.

Sector in focus: Undervalued GLC linked counters, and water and piping related counters.

ENGTEX TP: 1.22, 1.30 SL:1.10

TOPGLOVE TP:8.60, 8.90 SL:7.70

OLDTOWN TP:1.42, 1.58 SL:1.24

FGV TP:1.80 SL:1.4

BONIA TP:0.81 SL:0.675

UEMS TP:1.45 SL:1.13

SUNCON TP:1.31 SL:1.16

PMETAL TP:2.40 SL:2.03

HOHUP TP:1.10 SL: 0.95

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