Selling pressure in selective index heavyweights remained unabated as the FBM KLCI trended lower despite trimming most of its intraday losses, closing at 1,714.42 pts yesterday. The MACD Histogram has turned red, while the RSI is oversold. Resistance will be pegged around the 1,730-1,750 levels. Support will be set around the 1,700 level.

WELLCAL has experienced a short-term consolidation breakout above the RM1.44 level accompanied by improved volumes. The MACD Histogram has extended another green bar, but the RSI is below 50. Price may trend higher, targeting the RM1.56-RM1.59 levels. Support will be set around the RM1.37 level.

After forming support along the EMA60 level, GKENT has re-tested the RM3.30 resistance level accompanied by improved volumes. The MACD Indicator has issued a BUY signal, while the RSI is above 50. Monitor for a breakout above the RM3.30 level, targeting the RM3.50-RM3.60 levels. Support will be anchored around the RM3.08 level.

GADANG has formed a bullish engulfing candle accompanied by rising volumes. The MACD Histogram has turned green, while the RSI has recovered from the oversold level. Monitor for a follow-through buying interest above the RM1.11 level, targeting the RM1.20 and RM1.28 levels. Support will be pegged around the RM1.01 level.

Source: Mplus Research - 29 Nov 2017