The FBM KLCI trended sideways as profit taking activities among Petronas-related stocks kept a lid on the market. The MACD Histogram extended another red bar, while the RSI is overbought. The key index’s upsides could be capped around the 1,820-1,840 levels. Support will be located around the 1,750-1,770 levels.

PANTECH experienced a sideways consolidation breakout above the RM0.76 level accompanied by improved volumes. The MACD Line is trending higher towards zero, while the RSI is hovering above 50. Price target will be envisaged around the RM0.805-RM0.845 levels. Support will be set around the RM0.735 level.

PMETAL experienced a short term trendline breakout above the RM2.80 level, accompanied by higher-than-average volumes. The MACD Indicator is trending higher, while the RSI is hovering above 50. Price may rally towards the RM3.08-RM3.48 levels. Support will be pegged around the RM2.64 level.

TAS managed to stay above the EMA9 level with improved volumes. As the MACD Histogram has turned green, coupled with the RSI hovering above 50, monitor for a breakout above the RM0.79 level, targeting the RM0.835 and RM0.90 levels. Support will be located around the RM0.755 level.

Source: M+ Online Research - 11 Feb 2015