The absence of follow-though buying saw the FBM KLCI erasing almost all its’ previous session’s gains as the key index closed at around the 1,562.27 level yesterday. The MACD Histogram has extended another red bar, while the RSI remains below 50. Resistance will be pegged around the 1,580-1,600 levels. Support will be set around the 1,550 level.

EKOVEST has formed a bullish engulfing candle to close above the EMA20 level on improved volumes. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a breakout above the RM0.81 level, targeting the RM0.90-RM0.955 levels. Support will be located around the RM0.75 level.

TECFAST has gapped up to re-test the EMA20 level. The MACD Histogram has extended another green bar, while the RSI is approaching 50. Monitor for a trendline breakout above the RM0.44 level, targeting the RM0.49-RM0.52 levels. Support will be located around the RM0.405 level.

HEXZA has formed a short-term channel formation breakout above the RM0.795 level on improved volumes. The MACD Histogram has extended another green bar, but the RSI has recovered from oversold. Price may trend higher, targeting the RM0.82-RM0.845 levels. Support will be located around the RM0.775 level.

Source: Mplus Research - 4 Dec 2019