The FBM KLCI gapped down to trend lower for the fourth straight session as the key index closed at around the 1,573.77 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.

PENERGY has rebounded off the EMA120 level on mildly improved volumes. The MACD Histogram has turned green, but the RSI remains below 50. Monitor for a trendline breakout above the RM1.30 level, targeting the RM1.44-RM1.55 levels. Support will be located around the RM1.23 level.

SCIB has formed a bullish engulfing candle to close above the EMA9 level on rising volumes. The MACD Histogram remains above the zero level, but the RSI is overbought. Price targets are envisaged at around the RM2.50-RM2.65 levels. Support will be located around the RM2.17 level.

HUMEIND has experienced a pennant formation breakout above the RM1.36 level on improved volumes. The MACD Line has expanded positively above the zero level, but the RSI is overbought. Price may advance, targeting the RM1.50-RM1.57 levels. Support will be located around the RM1.25 level.

Source: Mplus Research - 24 Jan 2020