The FBM KLCI rebounded with a recovery in crude oil prices – the FBM KLCI added 6.58 pts to 1,629.22 pts. The MACD Histogram has turned green, while the RSI is oversold – the key index may be due for a technical rebound. Resistance will be envisaged around 1,660, while the support is located around 1,600.

CCK has experienced a consolidation breakout above the RM1.02 level with high volumes. The MACD Indicator has issued a “Buy” signal, while the RSI is hovering above 50. Price is likely to rally towards the RM1.14-RM1.30 levels over the near term. Support will be pegged around the RM1.00 level.

FAVCO has formed a Breakout-Pullback-Continuation pattern above the RM2.85 level with improved volumes. As the MACD Histogram has turned green and the RSI is hovering above 50, the price may revisit the RM3.21 and RM3.66 levels. Support will be located around the RM2.85 level.

AWC could be forming an inverted Head and Shoulders formation above the RM0.415 level. The MACD Line is hovering above zero, but the RSI is hovering above 70. Price may rally towards the target price of RM0.495 and RM0.54 over the near term. Meanwhile, support will be anchored around the RM0.41 level.

Source: M+ Online Research - 20 Jan 2016