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However, we expect the technical rebound to be temporary as the index is still trading below the Ichimoku cloud. The RSI line remains below the 50 threshold, indicating the selling pressure is still strong. As such, approach the market cautiously for the time being.
See MoreGiven that regional markets have been in positive territory for the past few days, we expect a spillover of positive sentiment to lead to a possible technical rebound in the FBMKLCI. However, we expect the technical rebound to be temporary as the index is trading below the weekly downtrend line, which indicates bearishness.
See MoreNevertheless, the daily chart analysis shows that selling pressure has not yet been fully absorbed, thus paving the way for a possible downtrend ahead. This is supported by a downtick in the RSI, while the DMI is currently showing that selling momentum has overcome buying momentum. We expect the index will continue to form lower highs and lower lows towards the immediate support level at 1,477.
See MoreAt the close in NYSE, the DJIA rose 1.18%, while the S&P 500 index gained 1.27%, and the NASDAQ Composite index added 1.87%.
See MoreInvestors attributed the recent volatility to concerns about the presidential election, which is looming, but also to elevated valuations for e-commerce and mega-cap companies that have thus far led the market's rally from the depths of this public-health crisis.
See MoreThe DJIA, +1.59% closed up 440 points, or 1.6%, at 27,940, boosted by gains in Microsoft Corp. MSFT, +4.25%, Apple AAPL, +3.98% and salesforce.com CRM, +3.79%.
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