The FBM KLCI has pulled back for another session led by banking heavyweights like Maybank and Public Bank. The MACD Histogram has turned red, while the RSI is declining towards 50. The FBM KLCI’s upside is located around the 1,680-1,700 levels. Support will be envisaged around 1,645.

ELSOFT has rebounded off the EMA9 level with high volumes. The MACD Indicator has expanded positively above zero, but the RSI is overbought. Monitor for a breakout above the RM2.03 level, targeting the RM2.20 level. Support will be pegged around RM1.95.

FLBHD formed a bullish engulfing candle above the RM1.80 level with improved volumes. The MACD Line is hovering above zero, while the RSI is staying above 50. Monitor for a breakout above the RM1.65 level, targeting the RM1.72 and RM1.79 levels. Support will be set around the RM1.80 level.

GHLSYS has experienced a flag formation breakout above the RM0.845 level with higher-than-average volumes. The MACD Indicator has expanded positively above zero. The RSI, however, is overbought. Price may rally towards the RM0.90-RM0.93 levels after a short consolidation. Support will be located around RM0.82.

Source: M+ Online Research - 28 Oct 2016