The FBM KLCI has rebounded mildly near the support of the 1,740 level after a sharp fall on Wednesday. The MACD Indicator, however, is still trending lower. The RSI is hovering below 50. The FBM KLCI may rebound further towards the resistance of the 1,770-1,800 over the near term.

EG has rebounded off the RM0.48 level with improved volumes, forming a hammer candle on the daily chart. The MACD Histogram has turned green, while the RSI is oversold. Monitor for a breakout above the RM0.52 level, targeting the RM0.60-RM0.625 levels. Support will be pegged around the RM0.47 level.

K1 rebounded around the EMA60 level with slight improvement in volumes. The MACD Histogram has turned green, while the RSI is hovering slightly above 30. Monitor for a breakout above the RM0.435 level, targeting the RM0.52-RM0.555 levels. Support will be located around the RM0.40 level.

BORNOIL could have retraced near the support level of the RM0.77 level. As the MACD Histogram have turned green and the RSI is hovering below 30 (oversold region) – the price could due for a rebound towards the resistance of the RM0.835 and RM0.905 levels. Further support will be pegged around the RM0.75 level.

Source: M+ Online Research - 8 Dec 2014