Tracking the positive sentiment on Wall Street overnight, the FBM KLCI extended its’ gains as the key index closed at around the 1,587.88 level yesterday. The MACD Histogram has turned green, but the RSI is hovering below 50. Resistance will be pegged around the 1,600-1,620 levels. Support will be set around the 1,570 level.

CCK has breakout above the short term resistance of RM0.54 level on mildly improved volumes. The MACD Indicator has issued a BUY Signal, while the RSI has risen above 50. Price target will be envisaged around the RM0.58 and RM0.595 levels. Support will be set around the RM0.52 level.

GAMUDA has experienced a flag formation breakout above the RM4.00 level on higher-than-average volumes. The MACD Histogram has turned green, while the RSI has risen above 50. Price may rally towards the RM4.34-RM4.50 levels. Support will be anchored around the RM3.88 level.

WCEHB has gapped up to close above the EMA60 level on high volumes. The MACD Indicator has issued a BUY Signal, while the RSI has risen above 50. Monitor for a breakout above the RM0.40 level, targeting the RM0.46-RM0.495 levels. Support will be pegged around the RM0.36 level.

Source: Mplus Research - 17 Jan 2020