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The index formed a spinning top pattern last Friday as selling pressure has been absorbed. For now, we expect sideways movement ahead.
See MoreThe bullish crossover in MACD and an uptick in DMI suggest buying pressure has started to gain traction, which could lead to further upside in the near term. We expect the index to continue the bullish momentum towards the resistance level of 1,650 in the near term.
See MoreOur expectation of near-term weakness was overturned by yesterday’s gains. We opine that the previous few consecutive days of correction was overdone; thus yesterday’s gain could kick-start a reversal and absorb selling pressure. Overall, we expect the FBMKLCI to hover in the range of 1,580-1,617 for the time being, and violation of either limit would spark a follow-through.
See MoreAt the close in the NYSE, the DJIA added 0.65% to hit a new all-time high, while the S&P 500 index added 0.70%, and the NASDAQ Composite index added 0.55%.
See MoreAt the close in NYSE, the DJIA gained 0.73% to hit a new all time high, while the S&P 500 index gained 0.35%, and the NASDAQ Composite index climbed 0.58%.
See MoreAt the close in NYSE, DJIA gained 0.72%, while the S&P 500 index climbed 1.17%, and the NASDAQ Composite index climbed 1.21%.
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