The FBM KLCI extended its’ losses as the key index rejected the EMA120 level to close at around the 1,596.36 level yesterday. The MACD Histogram has extended another green bar, but the RSI is overbought. Resistances will be pegged around the 1,610-1,620 levels. Support will be set around the 1,580 level.

FGV has formed a bullish engulfing candle to close above the EMA9 level. Although the MACD Histogram has extended another green bar, the RSI remains above 50. Price targets are envisaged at around the RM1.50-RM1.56 levels. Support will be located around the RM1.35 level.

TM has extended its’ gains above the EMA20 level. The MACD Histogram has extended another green bar, while the RSI remains above 50. Monitor for a symmetrical triangle formation breakout above RM3.87, targeting the RM3.99-RM4.14 levels. Support will be located around the RM3.76 level.

IGBREIT has rebounded to re-test the EMA20 level with mild volumes. The MACD Histogram has turned green, while the RSI is re-testing 50. Monitor for a trendline breakout above RM1.93 level, targeting the RM2.01-RM2.06 levels. Support will be located around the RM1.89 level.

Source: Mplus Research - 23 Dec 2019