The resumption of the selling activities among the oil and gas heavyweights put some pressure on the FBM KLCI and the key index ended lower. The MACD Line, however, is hovering above zero. The RSI is hovering above 50. Resistance will be envisaged around 1,695. Support will be located around the 1,630 level.

ESCERAM experienced a flag formation breakout above the RM0.48 level with higher-than-average volumes. The MACD Indicator has trended positively above zero. The RSI is hovering above 50. Price may rally towards the RM0.55 and RM0.60 levels. Support will be set around the RM0.46 level.

MATRIX has surged above the RM2.49 level with improved volumes. The MACD Line is hovering above zero, while the RSI is trending positively above 50. Price should be able to see follow-through buying interest towards the target of RM2.69. Meanwhile, support will be located around the RM2.43 level.

SEM experienced a flag formation breakout above the RM1.60 level and stayed strongly above the EMA9 level. The MACD Indicator has expanded positively above zero. The RSI, however, is extremely overbought. Price may rally towards the RM1.72 and RM1.80 levels after a short consolidation. Support will be pegged around RM1.56.

Source: M+ Online Research - 8 Jan 2016