Wall Street extended its gains for the second straight session as the Dow rose 1.3%, in line with the recovery in crude oil prices. Meanwhile, the S&P 500 rose 1.0%, erasing its monthly losses , led by gains in the financial sector (+1.4%) while the Nasdaq added 0.9%.The FBM KLCI closed lower for the second straight session yesterday, spooked by the rout in China stockmarkets. The MACD Histogram has extended another red bar, while the RSI continues to hover above the 50 level. The immediate resistance will be envisaged around the 1,700 level. Support will be pegged around the 1,600-1,630 levels.
EFORCE (0065): Monitor for a breakout above the RM0.915 level. TP: RM1.00. SL: RM0.89.
UCHITEC (7100): Price has formed a BPC formation above the RM1.60 level. TP: RM1.80-RM2.00. SL: RM1.58.
MAGNA (7617): Monitor for a breakout above the RM1.06 level. TP: RM1.15-RM1.24. SL: RM1.00.
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