The FBM KLCI reversed most of its previous session’s gains, dragged down by the weakness in selective plantation heavyweight as the key index closed lower at 1,721.27 pts yesterday. The MACD Histogram has extended another green bar, while the RSI remains below 50. Resistance will be pegged around the 1,730-1,750 levels. Support will be set around the 1,700 level.

FGV has formed a breakout-pullback-continuation pattern above the RM1.72 level accompanied by improved volumes. The MACD Histogram has extended another green bar, while the RSI has risen above 50. Price may rally, targeting the RM1.93-RM2.05 levels. Support will be set around the RM1.72 level.

SUNWAY has formed a bullish engulfing candle with improved volumes. The MACD Histogram has turned green, while the RSI has recovered from the oversold level. Monitor for a trendline breakout above the RM1.66 level, targeting the RM1.84-RM1.96 levels. Support will be anchored around the RM1.57 level.

CAB has rebounded to close above the EMA20 level with improved volumes. The MACD Histogram has turned green, while the RSI is above 50. Monitor for an ascending triangle formation breakout above the RM1.08 level, targeting the RM1.15 and RM1.20 levels. Support will be pegged around the RM1.02 level.

Source: Mplus Research - 24 Nov 2017