The FBM KLCI continues to trend strongly above the 1,700 psychological level last week. The MACD Indicator has expanded positively above zero. The RSI, however, is overbought. Resistance will be envisaged around the 1,730 level. Support will be anchored around the 1,700 level.

After the flag formation breakout on Thursday, BHS rebounded off the EMA9 level with improved volumes. The MACD Line is trending upwards, but the RSI is overbought. Monitor for a breakout above the RM0.545 level, targeting the RM0.57 and RM0.63 levels. Support will be located around the RM0.525 level.

HUAYANG experienced a trendline breakout above the RM1.85 level with higher-than-average volumes. The MACD Indicator expanded positively above zero. The RSI, however, is overbought. Price target will be envisaged around the RM2.05 and RM2.19 levels. Support will be set around the RM1.85 level.

SKPETRO trended higher after a flag formation breakout above the EMA9 with improved volumes. The MACD Histogram has turned green, but the RSI is overbought. Monitor for a breakout above the RM2.18 level, targeting the RM2.29-RM2.48 levels. Support will be pegged around the RM2.05 level.

Source: M+ Online Research - 21 Mar 2016