Follow-through buying interest was noted after the FBM KLCI formed a hammer candle two trading days ago. The MACD Histogram extended another green bar, while the RSI has crossed above 50. The key index may revisit the 1,680 level over the near term. Support will be set around 1,660.

SKPETRO has experienced a breakout above the RM1.59 level with higher-than-average volumes. The MACD Indicator is trending positively above zero, while the RSI is hovering above 50. Price target will be envisaged around the RM1.77 and RM1.87 levels. Support will be located around RM1.50.

SUNSURIA experienced a short term consolidation breakout above the RM0.925 level with mild volumes. The MACD Histogram has turned green, but the RSI is overbought. Price may rally towards the RM1.00 and RM1.04 levels after a short consolidation. Support will be anchored around RM0.90.

SUNCON has broken out of the symmetrical triangle formation with high volumes. The MACD Line is trending positively above zero. The RSI, however, is overbought. Price target will be envisaged around RM1.80-RM1.85 levels. Support will be pegged around the RM1.60 level.

Source: M+ Online Research - 7 Oct 2016