Selling activities escalated as the FBM KLCI gapped down before forming a hammer candle to close at around the 1,344.75 level last Friday. The MACD Histogram has extended another red bar, while the RSI remains oversold. Resistance will be pegged around the 1,365-1,380 levels. Support will be set around the 1,320 level.

ORNA has formed a bullish candle to recover most of its’ previous session gains on mild volumes. The MACD Histogram has extended another red bar, while the RSI remains below 50. Monitor for further recovery beyond the RM0.97 level, targeting the RM1.05-RM1.13 levels. Support will be pegged around the RM0.875 level.

KOMARK has formed a bullish engulfing candle to close above the EMA20 level on improved volumes. The MACD Histogram has turned green, while the RSI is re-testing 50. Monitor for a breakout above the RM0.22 level, targeting the RM0.265-RM0.29 levels. Support will be anchored around the RM0.18 level.

CBIP has rebounded, formed a bullish engulfing candle accompanied by rising volumes. The MACD Histogram has extended another green bar, but the RSI remains oversold. Monitor for a breakout above the RM0.84 level, targeting the RM0.885 and RM0.935 levels. Support will be set around the RM0.75 level.

Source: Mplus Research - 16 Mar 2020