The FBM KLCI staged a mild recovery on bargain hunting activities as the key index closed at around the 1,595.65 level yesterday. The MACD Histogram has extended another red bar, while the RSI has slipped below 50. Resistances will be pegged around the 1,610-1,620 levels. Support will be set around the 1,575 level.

SAMCHEM has experienced a flag-formation breakout above the RM0.69 level. The MACD Indicator has issued a BUY Signal, while the RSI has risen above 50. Price targets are envisaged at the RM0.74- RM0.765 levels. Support will be located around the RM0.65 level.

SCOMNET has formed a bullish harami to re-test the EMA60 level. The MACD Histogram has turned green, while the RSI has risen above 50. Monitor for a breakout above RM0.79 level, targeting the RM0.88-RM0.91 levels. Support will be located around the RM0.75 level.

KERJAYA has rebounded to close above the EMA20 level on mildly improved volumes. The MACD Histogram has turned green, but the RSI remains below 50. Monitor for a trendline breakout above the RM1.33 level, targeting the RM1.45-RM1.49 levels. Support will be located around the RM1.25 level.

Source: Mplus Research - 10 Jan 2020