The FBM KLCI has rebounded over the past two trading days, led by bargain hunting activities within O&G counters. The MACD Histogram has turned green, while the RSI is oversold. The FBM KLCI could rebound higher towards the EMA9 level (1,720 level) over the near term. Support will be set around the 1,660 level.

MEGB has ended above the EMA9 level with improved volumes. The MACD Histogram has extended another green bar, while the RSI has crossed above 30 – suggesting that the momentum could be picking up. Price may rally towards the RM0.72 and RM0.815 levels. Support will be pegged around the RM0.56 level.

TITIJYA has corrected after the share price peaked out near the RM2.88 level in July 2014. The share price has drifted lower to the support of the RM1.55 level. However, the MACD Histogram has extended another green bar, while the RSI is oversold. Price may rebound higher towards the RM2.00 and RM2.28 levels.

PTARAS may be forming a hammer candle above the RM3.20 (~EMA120) level on the weekly chart. The weekly MACD indicator, however, is still trending lower while the weekly RSI just tripped below 30. Price may rally higher towards the price target of the RM3.81 and RM4.21 levels after a short consolidation.

Source: M+ Online Research - 20 Dec 2014