The selling pressure intensified last Friday after the MSCI cut weighting on most banking heavyweights. The FBM KLCI retreated off the EMA9 level and the MACD Line is hovering below zero. The RSI, however, is oversold. The FBM KLCI may rebound towards the immediate resistance of 1,660. Meanwhile, support will be set around 1,630.

TROP experienced a strong breakout above the RM1.00 level with higher-than-average volumes. The MACD Line is approaching the zero level. The RSI, however, is overbought. Price may rally towards the RM1.07 and RM1.12 levels after a short consolidation. Support will be anchored around RM0.99.

HAIO has surged above its resistance of RM2.58 with mild volumes. The MACD Indicator is trending higher above zero, but the RSI is slightly overbought. Monitor for a follow-through buying interest towards RM2.71 and RM2.80 after a mild consolidation. Support will be set around RM2.50.

AHB has rebounded off the EMA9 level with higher-than-average volumes. The MACD Indicator has expanded positively above zero, while the RSI has crossed above 50. Monitor for a breakout above the RM0.22 level, targeting the RM0.235 and RM0.25 levels. Support will be envisaged around the RM0.21 level.

Source: M+ Online Research - 16 May 2016