The FBM KLCI extended its rebound amid bargain activities among O&G heavyweights. The MACD Histogram continues to strengthen on Friday. The RSI has crossed above 30. The key index may surge higher towards the resistance of the 1,740 level. Support will be set around the 1,680-1,700 levels.

UCHITEC breached above the RM1.43 level, forming a bullish engulfing candle with high volumes. The MACD Indicator has flashed a “Buy” signal, while the weekly RSI has crossed above 50. The price may rally towards the RM1.55 and RM1.80 levels. Support will be pegged around the RM1.29 level.

MBMR’s volume picked up strongly over the past three weeks, forming a doji candle last week. The MACD Indicator, however, is below zero, while the RSI is hovering below 50. Monitor for a breakout above the RM2.80 level, targeting the RM3.16 level. Support will be pegged around the RM2.59 level.

BONIA has rebounded towards the immediate resistance of the RM0.91 level with improved volumes. The MACD Line continues to trend higher, while the RSI spiked above 50. Monitor for a breakout above the RM0.91 level, targeting the RM0.985-RM1.00 levels. Support will be set around the RM0.805 level.

Source: M+ Online Research - 22 Dec 2014