Tracking the sharp gains on the overnight Wall Street, the FBM KLCI extended its gains above the 1,630 level before closing around the 1,643.75 pts. The MACD Histogram has extended another green bar, while the RSI is trending above 50. Resistances will be pegged around the 1,650-1,660 levels. Support will be set around the 1,630 level.

CSCSTEL has formed a trendline breakout above the of RM2.05 level, after rebounding off the EMA60 level. The MACD Indicator has given a BUY signal, while the RSI has crossed above 50. Price target will be envisaged around the RM2.23 and RM2.40 levels. Support will be set around the RM1.86 level.

CCK shares gapped up, forming a breakout-pullback-continuation pattern above the RM0.60 level with some improved volumes. The MACD Histogram has turned green. The RSI, however, is overbought. Monitor for a breakout above the RM0.635 level, targeting the RM0.70-RM0.73 levels. Support will be anchored around the RM0.60 level.

MIKROMB has formed a breakout-pullback-continuation pattern above the EMA20 level. The MACD Histogram has turned green, while the RSI is hovering above 50. Price target will be envisaged around the RM0.525 and RM0.565 levels. Support will be set around the RM0.485 level.

Source:Mplus Online - 9 Dec 2016