The FBM KLCI gapped down to its’ lowest level in one-month as the key index closed at around the 1,551.64 level yesterday. The MACD Histogram has extended another red bar, while the RSI sank into the oversold zone. Resistance will be pegged around the 1,560-1,575 levels. Support will be set around the 1,535 level.

ZHULIAN has formed a bullish engulfing candle to breakout above the RM1.53 level on mildly improved volumes. The MACD Histogram has turned green, while the RSI remains above 50. Price may trend higher, targeting the RM1.65 and RM1.68 levels. Support will be set around the RM1.44 level.

SCOMNET has experienced a breakout above the RM0.77 level on high volumes. The MACD Line has risen above the zero level, while the RSI remains above 50. Price may rally towards the RM0.82-RM0.88 levels. Support will be anchored around the RM0.745 level.

NOVA has experienced a consolidation breakout above the RM0.545 level on high volumes. The MACD Histogram has extended another green bar, while the RSI remains above 50. Price may stage a mild pullback before targeting the RM0.615-RM0.665 levels. Support will be located around the RM0.505 level.

Source: Mplus Research - 29 Jan 2020