The extended selling pressure on the local bourse sent the FBM KLCI lower for the third straight session, closing at around the 1,816.88 pts yesterday. The MACD Histogram has extended another red bar, while the RSI is still overbought. Resistance will be pegged around the 1,830-1,850 levels. Support will be set around the 1,800 level.

The uptrend intact formation was established on EMETALL as its price formed a flag formation breakout above the RM0.79 level. The MACD Histogram has turned green, while the RSI is above 50. Price may trend higher, targeting the RM0.83 and RM0.865 levels. Support will be set around the RM0.765 level.

BPLANT has formed a bullish engulfing candle accompanied by improved volumes. The MACD Histogram has turned green, but the RSI is slightly overbought. Monitor for a breakout above the RM1.68 level, targeting the RM1.75-RM1.81 levels. Support will be anchored around the RM1.65 level.

FAVCO has rebounded off the EMA9 level with high volumes. The MACD Histogram has extended another green bar, while the RSI is above 50. Monitor for a pennant formation breakout above the RM2.82 level, targeting the RM2.94-RM3.02 levels. Support will be pegged around the RM2.73 level.

Source: Mplus Research - 12 Jan 2018