Selling pressure on the FBM KLCI resumed soon after the key index breached below the 1,620 support level. The MACD Line is turning downwards, while the RSI is trending below 50. The FBM KLCI may revisit the psychological level of 1,600 over the near term. Meanwhile, the resistance will be located around the 1,660 level.

FGV has rebounded off the EMA9 level over the past two trading days with higher-than-average volumes. The MACD Indicator is trending higher above zero, while the RSI is hovering above 50. Monitor for a breakout above the RM1.53 level, targeting the RM1.72-RM1.79 levels. Support will be pegged around the RM1.45 level.

SCGM has formed a flag pattern breakout above the RM3.12 level with improved volumes. The MACD Histogram has turned green. The RSI, however, is overbought. Price may rally towards the RM3.27 and RM4.00 levels after a short consolidation. Support will be anchored around the RM3.09 level.

TGUAN experienced a short term breakout above the RM3.80 level with high volumes. The MACD Line is trending positively above zero, but the RSI is overbought. Price target will be envisaged around the RM4.00 and RM4.20 levels. Support will be pegged around the RM3.70 level.

Source: M+ Online Research - 17 June 2016