Should the index close above the BBI level in the next few days, alongside golden crossovers in both MACD and DMI, we expect the index to trend upwards to test the immediate support level of 1,621. Otherwise, the FBMKLCI could continue to trade range-bound as the index is trading below the downtrend line which indicates bearishness.
See MoreHowever, given that the RSI line remains below the 50pt threshold, we expect the index to continue consolidating within 1,620-1,650. However, should Budget 2020 appear to be market friendly and regional markets be able to continue to close in the positive territory for the next few days, we expect a spillover of positive sentiment to lead to a possible technical rebound in the FBMKLCI. Otherwise, the technical rebound should be temporary as the index is trading below the downtrend line which indicates bearishness.
See MoreNevertheless, the daily chart analysis shows selling pressure has not yet been fully absorbed, thus paving the way for a possible downtrend ahead.
See MoreAt the close in NYSE, the Dow Jones Industrial Average declined 0.11%, while the S&P 500 index fell 0.14%, and the NASDAQ Composite index lost 0.10%.
See MoreAt the close in NYSE, the Dow Jones Industrial Average gained 1.21%, while the S&P 500 index added 1.09%, and the NASDAQ Composite index gained 1.34%.
See MoreAt the close in NYSE, the Dow Jones Industrial Average gained 0.57%, while the S&P 500 index climbed 0.64%, and the NASDAQ Composite index gained 0.60%.
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