The FBM KLCI retreated from a three-day winning streak in tandem with the weakness in key regional indices to close at 1,688.84 pts. The MACD Histogram has extended another green bar, but the RSI is approaching the overbought level. The immediate resistance will be pegged around the 1,700-1,730 levels. Support will be anchored at the 1,650 level.

PELIKAN has gapped up to close above the EMA9 level with improved volumes. The MACD Indicator has issued a BUY signal, while the RSI has risen above 50. Monitor for a trendline breakout above the RM0.935 level to target the RM0.97 and RM1.06 levels. Support will be set around the RM0.87 level.

MINHO has breached above the RM0.60 level and consequently closed above the EMA120 level with improved volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Price might head towards the RM0.65-RM0.695 levels after a short-term consolidation. Support will be pegged around the RM0.555 level

IVORY has breached above the RM0.49 resistance level with high volumes. The MACD Indicator has issued a BUY signal, while the RSI has risen above 50. Price may rally towards the target of RM0.54 and RM0.595 levels. Support will be set around the RM0.46 level.

Source: Mplus Research - 8 Feb 2017