Selling pressure has fizzled off after two trading days of selling and the FBM KLCI ended above the 1,630 level, forming a bullish engulfing bar. The MACD Histogram has turned green, but the RSI is hovering below 50. Resistance will be envisaged around the 1,660 level. Support will be set around 1,620.

LBALUM has rebounded off the EMA9 level with improved volumes. The MACD Indicator has issued a “Buy” signal, while the RSI is hovering above the 50 level. Monitor for a breakout above the RM0.56 level, targeting the RM0.605 and RM0.655 levels. Support will be set around the RM0.53 level.

BTECH experienced a flag formation breakout above the RM0.355 level with higher-than-average volumes. The MACD Histogram has turned green, while the RSI trended positively above 50. Price may rally towards the RM0.395 and RM0.45 levels after a short consolidation. Support will be anchored around the RM0.34 level.

KESM has broken out of the trendline of the RM5.06 level accompanied by higher-than-average volumes. The MACD Histogram has turned green, while the RSI has hooked above 50. Price target will be envisaged around the RM5.97 level. Support will be located around the RM4.78 level.

Source: M+ Online Research - 29 June 2016