Tracking the gains on Wall Street overnight, the FBM KLCI recovered some of its previous session’s losses as the key index closed at around the 1,693.59 level yesterday. The MACD Histogram has extended another red bar, while the RSI remains above 50. Resistance will be pegged around the 1,710- 1,720 levels. Support will be set around the 1,680 level.

IJM has gapped-up to breakout above the RM1.83 level with rising volumes. The MACD Histogram has turned green, while the RSI is approaching the overbought level. Price may trend higher, targeting the RM2.00 and RM2.16 levels. Support will be set around the RM1.70 level.

FRONTKN has experienced a symmetrical triangle formation breakout above the RM0.75 level with high volumes. The MACD Histogram has turned green, while the RSI remains above 50. Price may advance, targeting the RM 0.805-RM0.855 levels. Support will be anchored around the RM0.70 level.

ELSOFT has experienced a flag-formation breakout above RM1.12 with improved volumes. The MACD Histogram has turned green, but the RSI is overbought. Price may stage further recovery, targeting the RM1.21-RM1.29 levels. Support will be pegged around the RM1.05 level.

Source: Mplus Research - 25 Jan 2019