After rejecting the 1,680 resistance level, the FBM KLCI snapped a streak of three straight days of gains on profit taking in selective banking heavyweights before closing at the 1,672.50 pts. The MACD Histogram has extended another red bar, while the RSI is overbought. Resistance will be pegged around the 1,680-1,700 levels. Support will be set around the 1,650 level.

DSONIC has rebounded off the EMA9 level, forming a bullish engulfing candle with improved volumes The MACD Histogram has turned green, while the RSI rose above 50. Monitor for a breakout above the RM1.30 level, targeting the RM1.45-RM1.63 levels. Support will be pegged around the RM1.21 level.

EMETALL has formed a short-term breakout above the RM0.645 level with higher-than-average volumes. The MACD Indicator expanded positively above zero, while the RSI continues to trend above 50. Price targets are envisaged at the RM0.72-RM0.78 levels. Support will be set around the RM0.595 level.

LONBISC has experienced a trendline breakout with high volumes. The MACD Indicator has given a BUY signal, but the RSI is approaching the overbought level. Price may rally towards the RM0.775-RM0.81 levels after a short consolidation. Support will be anchored around the RM0.715 level.

Source: Mplus Research - 16 Jan 2017