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Our 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 1,271-1,364 for the time being, and violation of either limit would spark a follow-through.
See MoreCurrently, the RSI line has risen and is approaching 50pt, which signals weaker selling pressure and thus may push the index higher in the near term. The benchmark index has closed above the BBI line, signalling upward continuation from here.
See MoreHowever, we remain neutral on FBMKLCI given the current consolidation, unless a negative closing below the immediate support changes the short-term outlook to bearish. For now, we expect the index to trade sideways in the near term.
See MoreAt the close in NYSE, the DJIA rose 6.38%, while the S&P 500 index added 6.24%, and the NASDAQ Composite index gained 5.60%.
See MoreAt the close in NYSE, the DJIA gained 2.39%, while the S&P 500 index added 1.15%, and the NASDAQ Composite index declined 0.45%.
See MoreAt the close in NYSE, DJIA 11.37%, while the S&P 500 index gained 9.38%, and the NASDAQ Composite index climbed 8.12%.
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