The FBM KLCI resumed its correction phase after a bear flag formation two weeks ago. The MACD Histogram has turned red, but the RSI is slightly above 30. The FBM KLCI may continue its short term negative trend to the support level of 1,770. Meanwhile, resistance will be set around 1,800-1,820 levels.

CENTURY experienced a pennant formation breakout above the RM0.90 level with higher-than-average volumes. The MACD Indicator has issued a “Buy” signal, while the RSI has crossed above 50. Price target will be envisaged around the RM0.965-RM1.00 levels. Support will be set around the RM0.88 level.

ARMADA trended sideways between the RM1.23-RM1.27 levels without significant volumes. The MACD Line is hovering above zero, but the RSI is overbought. Monitor for a breakout above the RM1.27 level, price target will be located around the RM1.35-RM1.43 levels. Support will be pegged around the RM1.23 level.

RUBEREX experienced a consolidation breakout above the RM0.71 level with high volumes. The MACD Indicator has issued a “Buy” signal, but the RSI is slightly overbought. Price may rally towards the RM0.775 and RM0.81 levels after a short consolidation. Support will be anchored around the RM0.71 level.

Source: M+ Online Research - 22 May 2015