The FBM KLCI ended marginally lower following the announcement of the revised Budget 2015. The MACD Histogram, however, extended another green bar. Nevertheless, the RSI is hovering below 50. Resistance will be pegged around the 1,770-1,800 levels. Support will be located around the 1,670-1,700 levels.

EFFICEN has rebounded off the EMA9 level with improved volumes. The MACD Line is hovering above zero, but the MACD Histogram extended another red bar. The RSI, however, is hovering above 50. Monitor for a breakout above the RM0.315 level, targeting the RM0.34-RM0.365 level. Support will be set around the RM0.30 level.

FITTERS extended its movement above the EMA9 level, accompanied by improved volumes. The MACD Line has crossed above zero, but the RSI is slightly overbought. Monitor for a breakout above the RM0.685 level; price target will be envisaged around the RM0.74 level. Support is located around the RM0.66 level.

SOLID has consolidated sideways between the RM1.60-RM1.67 levels. The MACD Line is hovering above zero. The RSI, however, is overbought. As volumes have picked up yesterday, monitor for a breakout above the RM1.67 level, targeting the RM1.80-RM2.00 levels. Support will be set around the RM1.60 level.

Source: M+ Online Research - 21 Jan 2015