KLCI Technical - Buy RCE Cap, L&G

Immediate Hurdles at 1,340, 1,344 Then 1,347
The local market should bounce back today as fears recede over the situation in Europe’s debt crisis, especially with the overnight strong rebound on Wall Street boosting sentiment.  Immediate support is revised higher to yesterday’s low of 1,332, then next at 1,329.  The index should stay range bound with a slight upward bias, with immediate resistance remaining at 1,340, and higher hurdles at 1,344, the previous two week’s high, and then 1,347, the 7 April pivot high.

BUY RCE Capital and Land & General

Blue chips AMMB, IOI Corp and Public Bank are bargain buys with their share price close to the lower Bollinger band providing support, similarly for lower liners such as MRCB, Tebrau and UEM Land.  Stocks on  focus today are RCE Capital and Land & General which are trading close to their respective lower Bollinger bands of 65sen and 46sen, which should bounce back toward immediate upside targets of 70sen and 55sen in the near-term.

 

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