Tracking the gains on Wall Street overnight, the FBM KLCI rebounded after lingering mostly in the positive territory as the key index closed at around the 1,563.58 level yesterday. The MACD Histogram has turned green, but 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.

SAMCHEM has formed a breakout-pullback-continuation pattern to close above the EMA20 level on mildly improved volumes. The MACD Histogram has turned green, while the RSI is approaching 50. Price may advance, targeting the RM0.74-RM0.765 levels. Support will be located around the RM0.64 level.

SCICOM has advanced to close above the EMA9 level. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a breakout above the RM1.09 level, targeting the RM1.15-RM1.24 levels. Support will be located around the RM1.03 level.

TM has formed a breakout-pullback-continuation pattern above the RM3.83 level accompanied by rising volumes. The MACD Histogram has extended another green bar, while the RSI remains above 50. Price may trend higher, targeting the RM3.99-RM4.14 levels. Support will be located around the RM3.67 level.

Source: Mplus Research - 6 Dec 2019