Despite staging a sharp intraday rebound, the FBM KLCI remained in the red as the key index closed at around the 1,599.19 level yesterday. The MACD histogram has extended another red bar, while the RSI remains below 50. Resistances will be pegged around the 1,620-1,630 levels. Support will be set around the 1,580 level.

EKOVEST has rebounded off the EMA20 level with improved volumes. The MACD Histogram has extended another red bar, while the RSI is approaching 50. Monitor for a trendline breakout above the RM0.885 level, targeting the RM0.97 and RM1.04 levels. Support will be located around the RM0.79 level.

HSSEB has formed a bullish engulfing candle to re-test the EMA120 level. The MACD Histogram has turned green, but the RSI lingers in the oversold level. Monitor for a breakout above the RM1.06 level, targeting the RM1.19 and RM1.29 levels. Support will be anchored around the RM0.985 level.

SPSETIA has formed a hammer candle, snapping eight consecutive sessions of decline with rising volumes. The MACD Histogram has turned green, while the RSI has recovered from the oversold level. Price may stage further recovery, targeting the RM2.16-RM2.31 levels. Support will be pegged around the RM1.93 level.

Source: Mplus Research - 15 May 2019