The FBM KLCI rebounded further towards the psychological level of 1,700 points, but profit taking activities emerged yesterday. The MACD Indicator has expanded positively above zero, while the RSI is hovering above 50. Resistance will be set around 1,700-1,730 levels. Support will be pegged around 1,660.

E&O experienced a breakout above the RM1.59 level with high volumes. The MACD Indicator has issued a “Buy” signal, while the RSI has hooked above 50. Price is likely to trend higher towards the RM1.68 and RM1.83 levels. Support will be envisaged around the RM1.59 level.

PENERGY formed a flag formation breakout above the RM1.29 level with high volumes. The MACD Indicator continues to trend higher above zero. The RSI is above 50. Monitor for an inverted Head and Shoulders breakout above the RM1.35 level, targeting the RM1.84 level. Support will be anchored around RM1.17.

CWORKS managed to rebound and ended above the EMA9 with improved volumes. The MACD Histogram has extended another green bar, while the RSI has surged above 30. Price target will be envisaged around the RM0.70-RM0.735 levels. Support will be located around the RM0.60 level.

Source: M+ Online Research - 4 Mar 2016