Sime Darby may rebound further after forming a “Bullish Engulfing” pattern  in  its  latest  session  to  touch  the  50-day  MAV  line.  Traders may  buy  as  a  bullish  bias  could  be  present  above  the  MYR7.59  level,  with  a  target  price  of  MYR8.80,  assuming  the  MYR8.00  level can  be  surpassed.  The  stock  may  drift  sideways  if  it  cannot  sustain above  the  MYR7.56  mark  in  the  near  term.  In  this  case,  further support  is  anticipated  at  MYR7.00,  where  traders  can  exit  upon  a breach

AirAsia X may climb higher after inching above the MYR0.23 level in its  latest  trade,  albeit  marginally.  Traders  may  buy  as  a  bullish  bias could be  present above this  level, with a target  price of MYR0.275. The  stock  may  drift  sideways  if  it  dips  back  below  the  MYR0.23 mark. In this case, further support is anticipated at MYR0.21, where traders can exit upon a breach.

Bumi Armada rebounded to test the MYR1.00 level and downtrend line in its latest session. Traders may buy if this level is breached in the near term, with a target price of MYR1.12. In the meantime, the stock may move sideways if the MYR1.00 level cannot be breached. Support  may  be  found  at  MYR0.94,  where  traders  can  exit  upon  a breach.

Hartalega  may  experience  a  further  correction  after  inching  below the MYR5.80 level and 50-day MAV line in its latest session. Traders may expect further weakness if it stays below this level in the near term, with the next support levels anticipated at MYR5.55, followed by MYR5.25. The stock may move sideways if it recovers back above the MYR5.80 level. The bullish bias will likely return if it surpass the MYR6.10  level.  Note  that  the  longer-term  trend  is  still  largely positive.

Malaysian  Pacific  Industries  may  experience  a  further  correction after  falling  below  the  MYR9.23  level  and  50-day  MAV  line  in  its latest session. Traders may expect further weakness if it stays below this level in the near term, with the next support levels anticipated at MYR8.37, followed by MYR7.80. The stock may move sideways if it recovers back above the MYR9.23 level. The bullish bias will likely return  if  it  manage  to  surpass  the  MYR9.80  level.  Note  that  the longer-term trend is still largely positive.

Sarawak Cable may experience further selling after dropping below the  MYR1.55  level  in  its  latest  session.  Traders  may  expect  further weakness if it stays below this level in the near term, with the next support  levels  anticipated  at  MYR1.43,  followed  by  MYR1.32.  The stock  may  move  sideways  if  it  recovers  back  above  the  MYR1.55 level.  The  bullish  bias  will  likely  return  if  it  rebounds  above  the MYR1.65 level.

Source: RHB Research - 29 Jan 2016