The FBM KLCI continues to decline below the support of the 1,740 level amid sustained selling pressure among O&G heavyweights. The MACD Histogram, however, has extended another green bar. The RSI is hovering below 30. Next support will be located around the 1,720 level.
KAREX has breached above the RM3.08 level with high volumes on the weekly chart. The MACD Indicator has expanded positively above zero, but the weekly RSI is slightly above the 70 level. Price may rally towards the RM3.50-RM4.00 levels after a short consolidation. Support will be pegged around the RM2.95 level.
ZECON has rebounded off the support of the RM0.955 level with improved volumes. The MACD Line continues to trend higher above zero, while the RSI has crossed above 50. Following the breakout above the RM1.00 level last Friday, its price may rally towards the RM1.08 and RM1.20 levels.
Last week, MYEG has retested the RM4.40 level with higher-than-average volumes. The MACD Line, however, has extended another red bar, while the weekly RSI has tripped below 70. Monitor for a breakout above the RM4.40 level, targeting the RM4.80-RM5.00 levels. Support will be located around the RM4.00 level.
Source: M+ Online Research - 15 Dec 2014
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Created by MalaccaSecurities | Jul 26, 2024