The FBM KLCI rebounded to close above the EMA9 level as the key index edged higher to around the 1,670.28 level last Friday. The MACD Histogram has extended another green bar, while the RSI remains below 50. Resistance will be pegged around the 1,700-1,710 levels. Support will be set around the 1,650 level.

GCB has formed a bullish engulfing candle to re-test the EMA20 level with rising volumes. The MACD Histogram has turned green, but the RSI remains below 50. Monitor for a breakout above RM2.79, targeting the RM3.07 and RM3.20 levels. Support will be set around the RM2.59 level.

GFM has advanced to close above the EMA20 level with slightly improved volumes. The MACD Histogram has extended another green bar, while the RSI has recovered from oversold. Price may advance, targeting the RM0.48-RM0.51 levels. Support will be anchored around the RM0.415 level.

ELSOFT has formed a bullish harami candle with improved volumes. The MACD Histogram has turned green, but the RSI remains below 30. Monitor for a breakout above RM1.11, targeting the RM1.21- RM1.29 levels. Support will be pegged around the RM1.00 level.

Source: Mplus Research - 24 Dec 2018