The FBM KLCI gapped-down to end below the 1,680 level. The MACD indicator also trended lower, while the RSI continues to slide below 30 – suggesting that the key index is likely to trade weaker over the near term. Support will be envisaged around the 1,660 level. Resistance will be set around the 1,700 level.

BORNOIL has formed a hammer candle yesterday with improved volumes. The MACD Histogram, however, has extended another red bar. Nevertheless, the RSI is suggesting that the price could be oversold. Price may rebound and revisit the resistance of the RM0.82-RM0.855 levels. Support will be set around the RM0.745 level.

GBGAQRS could have found a near term support as the price has stabilised around the RM1.22 level with improved volumes. The MACD Histogram has turned green, while the RSI is hovering below 30 (oversold). Monitor for a breakout above the RM1.27 level, targeting the RM1.38 and RM1.50 levels.

ECONBHD may see buying interest picking up as the price is approaching the support of the RM0.73 level. The MACD Indicator, however, is pointing downwards. Nevertheless, the RSI is oversold – price may consolidate sideways before a technical rebound towards the price targets of RM0.81 and RM0.885 respectively.

Source: M+ Online Research - 17 Dec 2014