Immediate Support at 1,339
The index should continue climbing higher before meeting more significant profit-taking resistance near 1,354, as market condition becomes more overbought.  Higher upside targets upon a breakout are at 1,380, and next at 1,392, matching the 24 July 2007 pivot high.  Immediate support is retained at Monday’s low of 1,339, with subsequent supports at 1,329 and 1,319, representing the previous two days’ lows.

BUY Dialog & Scomi Group
RHB Capital just brokeout from consolidation and could climb further toward RM6.20/6.40 on positive sentiment, but downgrade to SELL Supermax, MRCB and UEM Land given overbought conditions and hook downs on momentum indicators which suggest further near-term weakness.  Meantime, bullish breakouts on oil & gas stocks such as Dialog and Scomi Group should accelerate further gain towards the respective immediate upside targets of RM1.20/1.30 and 55sen.

source: TA securities

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