Profit taking activities amongst selective banking heavyweights sent the FBM KLCI lower as the key index lingered in the negative territory for most of the day before closing at 1,707.59 pts. The MACD Histogram has turned red, while the RSI came off from the overbought level. The immediate resistance will be pegged around the 1,730-1,770 levels. Support will be anchored at the 1,700 level.

TEOSENG has formed a bullish engulfing candle above the EMA9 level with improved volumes. The MACD Histogram has turned green, but the RSI is approaching the overbought level. Price could trend towards the RM1.25 and RM1.41 levels. Support will be set around the RM1.11 level.

AJIYA has experienced a short-term consolidation breakout the RM0.74 level as its price closed above the EMA120 level with high volumes. The MACD Histogram has turned green, but the RSI is treading below the overbought level. Price might head towards the RM0.825 and RM0.89 levels. Support will be set around the RM0.685 level.

MAYBULK has formed a breakout-pullback-continuation pattern above the RM0.745 level with improved volumes. The MACD Histogram has turned green, while the RSI continues to trend above 50. Monitor for a breakout above the RM0.785 level to target the RM0.82 and RM0.87 levels. Support will be pegged around the RM0.745 level.

Source: Mplus Research - 17 Feb 2017