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The index formed a “spinning top” pattern yesterday as selling pressure has been absorbed. Despite a shaky short-term outlook, we remain optimistic for the index to recover once selling pressure normalises. For now, we expect sideways movement ahead with the index likely to consolidate further.
See MoreWe expect the FBMKLCI to hover at 1,580-1,621 for now, and a breach of either limit would spark a follow-through.
See MoreThe index penetrated the previous immediate support of 1,588 but closed higher at 1,600.69 yesterday. This suggests investors remain cautious in an uncertain market. The correction looks set to continue as selling pressure grew, as reflected by the negative reading in RSI. Weaker sentiments as well as an absence of domestic catalysts may drag the index lower in the near term.
See MoreAt the close in NYSE, the DJIA rose 0.96%, while the S&P 500 index gained 1.21%, and the NASDAQ Composite index climbed 1.35%.
See MoreAt the close in NYSE, the DJIA gained 1.20%, while the S&P 500 index climbed 1.44%, and the NASDAQ Composite index climbed 1.67%.
See MoreAt the close in NYSE, the Dow Jones Industrial Average added 0.39%, while the S&P 500 index gained 0.25%, and the NASDAQ Composite index lost 0.09%.
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