The FBM KLCI plunged below the EMA 20 and ended below the 1,700 level after news of 1MDB bond default surfaced in the media yesterday. The MACD Histogram extended another red bar, while the RSI continues to fall below 50. The FBM KLCI may pullback towards the 1,660 level over the near term. Upside will be capped around 1,700.

EFORCE rebounded off the EMA20 level and rallied towards the RM1.00 level with higher-than-average volumes. The MACD Line has recovered above the zero level. Also, the RSI is hovering above 50. Monitor for the price to breakout above the RM1.00 level, targeting the RM1.06 and RM1.10 levels. Support will be pegged around the RM0.96 level.

PTB continues to trend above the EMA9 with higher-than-average volumes despite a slump in the overall market. The MACD Indicator expanded positively above the zero level. The RSI, however, is overbought. Price is likely to continue its rally towards the RM0.28 level after a short consolidation. Support will be pegged around the RM0.16 level.

After the breakout above the RM0.80 level with improved volumes last week, ALCOM has trended sideways and could be forming a flag formation over the past two trading days. The MACD Indicator is trending higher above zero, while the RSI is hovering above the 50 level. Monitor for a breakout above the RM0.84 level, targeting the RM1.00 level. Support will be anchored around the RM0.80 level.

Source: M+ Online Research - 27 Apr 2016