The FBM KLCI trended lower, forming the hammer candle as the key index closed at around the 1,580.60 level yesterday. The MACD Histogram has extended another red bar, while the RSI remains below 50. Resistances will be pegged around the 1,590-1,600 levels. Support will be set around the 1,560 level.

SCICOM has formed a bullish engulfing candle to re-test the EMA20 level. The MACD Histogram has turned green, while the RSI is approaching 50. Monitor for a breakout above the RM1.20 level, targeting the RM1.30-RM1.38 levels. Support will be located around the RM1.12 level.

MMSV has experienced a breakout above the RM0.775 resistance level with improved volumes. The MACD Histogram has extended another green bar, while the RSI is approaching the overbought level. Price may stage a mild pullback, before targeting the RM0.845-RM0.905 levels. Support will be located around the RM0.71 level.

WASEONG has experienced a breakout above the RM1.29 level on rising volumes. The MACD Histogram has extended another green bar, but the RSI is overbought. Price targets are envisaged at around the RM1.40-RM1.50 levels. Support will be located around the RM1.20 level.

Source: Mplus Research - 15 Jan 2020