Despite recovering most of its intraday losses, the FBM KLCI remained in the red as the key index closed at around the 1,256.58 level yesterday. The MACD Histogram has extended another red bar, while the RSI remains oversold. Resistance will be pegged around the 1,280-1,300 levels. Support will be set around the 1,220 level.

KKB has formed a bullish candle to recover most of its’ previous session gains on mild volumes. The MACD Histogram has turned green, but the RSI remains below 50. Monitor for further recovery beyond the RM1.64 level, targeting the RM1.75-RM1.89 levels. Support will be pegged around the RM1.47 level.

MI has recouped some of its’ previous session losses on improved volumes. The MACD Histogram has extended another red bar, but the RSI remains oversold. Monitor for further recovery beyond the RM1.84 level, targeting the RM2.15-RM2.33 levels. Support will be anchored around the RM1.51 level.

JAKS has formed a bullish engulfing candle accompanied by improved volumes. The MACD Histogram has turned green, but the RSI remains oversold. Monitor for a rebound above the RM0.83 level, targeting the RM0.96 and RM1.06 levels. Support will be set around the RM0.69 level.

Source: Mplus Research - 18 Mar 2020