The FBM KLCI rebounded off the 1,836 level and experienced a flag formation breakout. The MACD Line is flattish, while the MACD Histogram extended another red bar. Also, the RSI is overbought. Resistance will be envisaged around the 1,860-1,870 levels. Support will be set around the 1,820 level.

PPHB experienced a sideways consolidation breakout above the RM0.805 level with high volumes. The MACD Indicator has given a “Buy” signal, but the RSI is slightly overbought. Price may rally towards the RM0.92-RM1.00 levels after a short consolidation. Support will be located around the RM0.755 level.

OCK has been consolidating sideways over the past one week between the RM0.925-RM0.95 levels. The MACD Histogram has turned green, while the RSI is trending higher above 50. Monitor for a breakout above the RM0.95 level, targeting the RM1.00-RM1.07 levels. Support will be anchored around the RM0.925 level.

PENERGY has surged above the RM1.42 level with higher-than-average volumes. The MACD Line is approaching zero, in tandem with the MACD Histogram’s movement. The RSI has hooked above 50. Price may rally towards the target of the RM1.64 and RM1.92 levels. Support will be pegged around the RM1.30 level.

Source: M+ Online Research - 17 Apr 2015