Tracking the weakness across key regional indices, the FBM KLCI formed a bearish engulfing candle, falling below the EMA9 level before closing lower at 1,704.48 pts. The MACD Indicator has issued a SELL signal, while the RSI is overbought. The immediate resistance will be located around the 1,730-1,770 levels. Support will be pegged at the 1,700 level.

ECS has formed a flag-formation breakout above the RM1.52 level with slight improved volumes. The MACD Line has expanded positively above the zero level, but the RSI is overbought. Price may trend towards the target of RM1.60 and RM1.68 levels. Support will be set around the RM1.49 level.

HEVEA has gapped up and looks to re-test the RM1.58 resistance level with high volumes. The MACD Histogram has turned green, while the RSI continues to trend above 50. Monitor for a breakout above the RM1.58 level to target the RM1.79 and RM1.90 levels. Support will be anchored around the RM1.49 level.

MPHBCAP has rebounded off the EMA20 level with improved volumes, forming a potential breakoutpullback-continuation pattern. The MACD Histogram has extended another red bar, but the RSI continues to trend above 50. Price may rebound, targeting the RM1.53 and RM1.65 levels. Support will be located around the RM1.38 level.

Source: Mplus Research - 24 Feb 2017