The uptick in the RSI suggests buying pressure has started to gain traction, which could lead to further upside in the near term. We expect the index to continue to move up if it breaks above the immediate resistance of 1,621.
See MoreBased on the daily chart, the index is still trading above the short-term uptrend line even though it was in negative territory yesterday. Overall buying momentum still exceeds selling momentum, as shown by positive readings in the DMI and the MACD which are also in a bullish crossover. If the index can maintain at above 1,600 for some time, we expect the short- to medium-term outlook to be bullish.
See MoreFrom a technical perspective, the key support level remains at 1,600 and a base must be established to prolong the index’s uptrend. The index’s outlook remains bullish and the FBMKLCI could retest its immediate resistance of 1,621 in the near term.
See MoreAt the close in NYSE, the DJIA declined 0.00% to hit a new all time high, while the S&P 500 index gained 0.16%, and the NASDAQ Composite index added 0.26%.
See MoreAt the close in NYSE, the DJIA gained 0.04% to hit a new all time high, while the S&P 500 index declined 0.20%, and the NASDAQ Composite index lost 0.13%.
See MoreAt the close in NYSE, the DJIA gained 0.02% to hit a new all time high, while the S&P 500 index added 0.26%, and the NASDAQ Composite index added 0.48%.
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