The FBM KLCI was not able to sustain its move above the EMA9 level and the key index ended lower amid foreign selling yesterday. The MACD Histogram has turned red, while the RSI has crossed below 50. The key index may continue its pullback phase towards the 1,600 level. Meanwhile, the resistance will be pegged around the 1,640 level.

WZSATU experienced further breakout above the resistance of the RM1.12 level with higher-than-average volumes. The MACD Indicator has expanded positively above zero, but the RSI is overbought. Price may rally towards the RM1.28 level after a short consolidation. Support will be pegged around the RM1.03 level.

TEXCYCL experienced a pennant formation breakout above the RM1.18 level with improved volumes. The MACD Histogram has turned green, while the RSI is hovering above 50. Price target will be envisaged around RM1.38 and RM1.49. Support will be anchored around the RM1.10 level.

MINHO has experienced a sideways consolidation breakout above the RM1.44 level with high volumes. The MACD Indicator has issued a “Buy” signal. The RSI, however, is overbought. Price may rally towards the RM1.54 and RM1.67 levels after a short consolidation. Support will be pegged around the RM1.39 level.

Source: M+ Online Research - 1 June 2016