The FBM KLCI ended below the resistance of the 1,770 level. The MACD Histogram has turned red, while the RSI has tripped below 50. The FBM KLCI may pullback towards the support of the 1,700-1,730 levels. However, if the FBM KLCI crosses above the 1,770 level, the next resistance will be set around the 1,800 level.

ICON formed a bullish engulfing bar with improved volumes after a strong downward correction. The MACD Histogram extended another green bar. The RSI is oversold. Monitor for a breakout above the RM0.745 level, targeting the RM0.865 level. Support will be envisaged around the RM0.675 level.

FGV has rebounded above the RM2.03 support level with high volumes, forming a hammer candle. The MACD Line is approaching the Signal Line, while the RSI is suggesting that the price could be oversold. Monitor for a breakout above the RM2.18 level. Price target will be located around the RM2.35-RM2.57 levels.

JAG has turned sideways over the past two weeks and ended above the EMA20 level with improved volumes. The MACD Line is trending higher, while the RSI is above 50. Monitor for a breakout above the RM0.155 level, targeting the RM0.19 and RM0.225 levels. Support will be pegged around the RM0.12 level.

Source: M+ Online Research - 2 Jan 2015