The FBM KLCI closed above the EMA120 level for the first time since July 2019 as the key index closed at around the 1,610.18 level on last Friday. The MACD Histogram has extended another green bar, but the RSI is overbought. Resistance will be pegged around the 1,621-1,637 levels. Support will be set around the 1,585 level.

IJM has experienced a trendline breakout-pullback-continuation pattern above the EMA20 level with high volumes. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a breakout above the RM2.22 level, targeting the RM2.37 and RM2.51 levels. Support will be set around the RM2.11 level.

STAR has gapped up to re-test the EMA60 level on mild volumes. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a breakout above the RM0.475 level, targeting the RM0.515-RM0.54 levels. Support will be anchored around the RM0.45 level.

IFCAMSC has experienced a resistance breakout above the RM0.485 level on high volumes. The MACD Line has risen above the zero level, but the RSI is overbought. Price may stage a mild pullback, before targeting the RM0.54-RM0.57 levels. Support will be located around the RM0.45 level.

Source: Mplus Research - 23 Dec 2019