The Properties Index experienced a trendline breakout, followed by a resistance breakout of 1,200 last week. The weekly MACD Line has turned higher consistently over the past two months. The weekly RSI has crossed above 50. Resistance will be located around 1,300. Meanwhile, support will be set around 1,100
Property Stocks to focus
L&G
– Price has formed a Breakout-Pullback-Continuation pattern above RM0.415. Monitor for a breakout above the RM0.45 level. Target price will be located around RM0.50. Support will be pegged around the RM0.42 level.
SBCCORP
– Follow-through buying interest was noted above the RM0.88 level with improved volumes. The MACD Indicator is trending higher, but the RSI is slightly overbought. Price target will be envisaged around the RM0.98 and RM1.10 levels. Support will be set around RM0.85.
Source: Malacca Securities – 09/11/2015
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