The FBM KLCI trended sideways after hitting the downward trendline on Wednesday on the back of profit taking activities among oil and gas heavyweights. The MACD Histogram has turned red, while the RSI is overbought. Resistance will be located around the 1,840 levels. Support will be set around the 1,770 level.

SCICOM has experienced a flag formation breakout above the RM1.79 level accompanied by high volumes. The MACD Histogram has turned green. The RSI, however, is overbought. Price may rally towards the RM2.00-RM2.20 levels after a short consolidation. Support will be located around the RM1.71 level.

PRTASCO experienced a resistance breakout above the RM1.60 level with high volumes. The MACD indicator has expanded positively above zero and the RSI is trending higher above 50. Price target will be envisaged around the RM1.79-RM2.00 levels. Support will be pegged around the RM1.50 level.

L&G has experienced a flag pattern breakout above the RM0.535 level with improved volumes. The MACD Histogram has turned green, while the RSI is above 50 – suggesting that the positive momentum is picking up. Price could rally towards the RM0.575-RM0.60 levels. Support will be located around the RM0.52 level.

Source: M+ Online Research - 6 Feb 2015