Tracking the positive overnight performance on the Dow, the FBM KLCI rebounded and retested the EMA9 level yesterday. The MACD Histogram has turned green, while the RSI trended higher above 30. The FBM KLCI may rebound further towards the 1,660 level. Support will be pegged around 1,630.

PELIKAN has experienced a flag formation breakout above the RM0.97 level with higher-than-average volumes. The MACD Indicator continues to trend positively above zero, but the RSI is overbought. Monitor for a breakout above RM0.99, targeting the RM1.09 level. Support will be set around the RM0.94 level.

PLABS experienced a strong consolidation breakout above the RM0.255 level with high volumes. The MACD Indicator has issued a “Buy” signal. The RSI, however, is overbought. Price may rally towards the RM0.315-RM0.33 levels after a short term consolidation. Support will be anchored around the RM0.235 level.

STONE trended sideways above the EMA9 level without significant volumes. The MACD Indicator has issued a “Buy” signal, while the RSI is hovering above 50. Monitor for a breakout above RM0.38, targeting the RM0.425 and RM0.50 levels. Support will be located around the RM0.37 level.

Source: M+ Online Research - 23 Dec 2015