Tracking the gains on Wall Street overnight, the FBM KLCI edged higher, closing at around the 1,678.88 level yesterday. The MACD Histogram has turned green, while the RSI is hovering above 50. Resistance will be pegged around the 1,700-1,710 levels. Support will be set around the 1,650 level.

CCM has experienced a breakout above the short term resistance of RM1.86 level with improved volumes. The MACD Indicator has expanded positively above zero, but the RSI is overbought. Price target will be envisaged around the RM2.00 and RM2.10 levels. Support will be set around the RM1.78 level.

GHLSYS has formed a bullish engulfing candle with higher-than-average volumes. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a breakout above RM1.70, targeting the RM1.80-RM1.86 levels. Support will be anchored around the RM1.61 level.

WELLCAL has advanced to close above the EMA120 level with improved volumes. The MACD Histogram has extended another green bar. The RSI, however, is slightly overbought. Monitor for a breakout above the RM1.27 level, targeting the RM1.34-RM1.41 levels. Support will be pegged around the RM1.20 level.

Source: Mplus Research - 11 Jan 2019