The selling pressure on the FBM KLCI persisted amid the lower crude oil prices, which has dropped below the US$50 mark two days ago. The MACD Histogram extended another red bar, but the RSI trended upwards above 50. Resistance will be set around the 1,770 level. Support will be located around the 1,700 level.

ORNA has experienced a trendline breakout above the RM1.03 level with improved volumes after forming a double bottom pattern above the RM0.875 level. The MACD Indicator expanded positively above zero. Monitor for a breakout above the RM1.10 level, targeting the RM1.21-RM1.36 levels.

YINSON surged above the EMA120 level with improved volumes after rebounding off the trendline around the RM2.62 level. The MACD Histogram has turned green, but the RSI is overbought. Price may rally towards the RM3.00-RM3.28 levels after a short consolidation. Support will be pegged around the RM2.44 level.

EVERGRN rebounded off the EMA9 level with improved volumes. The MACD Indicator expanded positively above zero, but the RSI is slightly overbought. Price may rally towards the RM0.68 and RM0.815 levels after a mild consolidation. Support will be located around the RM0.59 level.

Source: M+ Online Research - 7 Jan 2015