After a sharp technical rebound two trading days ago, selling pressure re-emerged and the FBM KLCI ended lower amid the negative performance on the overnight Dow. The MACD Indicator expanded negatively below the zero level. The RSI, however, is oversold. The key index may be due for a mild technical rebound towards the 1,660 level. Meanwhile, the support will be set around the 1,630 level.

ARANK has experienced a short term consolidation breakout above the RM0.68 level with improved volumes. The MACD Indicator has issued a “Buy” signal, while the RSI is trending positively above zero. Price may extend its uptrend momentum towards the RM0.76 and RM0.80 levels over the near term. Support will be pegged around the RM0.66 level.

AZRB experienced a short term technical breakout above the RM0.73 level with higher-than-average volumes. The MACD Histogram has turned green, while the RSI has crossed above 50. Price may retest the immediate target of the RM0.765 level, followed by the RM0.81 level. Support will be set around the RM0.695 level.

HIL experienced a strong resistance breakout above the RM0.78 level with high volumes. The MACD Indicator has expanded positively above the zero level. The RSI, however, is overbought. Price may rally towards the RM0.905 and RM0.97 levels after a short consolidation. Support will be anchored around the RM0.74 level.

Source: M+ Online Research - 6 May 2016