Yesterday, the FBMKLCI made a strong downward penetration of the immediate support level of 1,555, suggesting a weaker short-term outlook. Weaker movements can be expected ahead, in tandem with increasing selling pressure as shown by a downtick in the RSI and a bearish crossover in both the MACD and DMI indicators.
See MoreThe index slipped below the BBI lines yesterday, suggesting the short-term trend remains vulnerable to further corrections. For now, the FBMKLCI will stay above the trendline but a further slip may change the overall bullish outlook to a much more neutral bias. Going forward, there would be more downward pressure on the index if it closes below the immediate support.
See MoreWe expect the FBMKLCI to hover in the range of 1,555-1,618 for the time being and violation of either limit would spark a follow-through.
See MoreAt the close in NYSE, the DJIA rose 1.05% to hit new 3-months high, while the S&P 500 index added 1.40%, and the NASDAQ Composite index gained 2.13%.
See MoreAt the close in NYSE, the DJIA lost 0.38%, while the S&P 500 index lost 0.80%, and the NASDAQ Composite index lost 1.69%.
See MoreAt the close in NYSE, the DJIA rose 1.30% to hit new 3-months high, while the S&P 500 index climbed 0.27%, and the NASDAQ Composite index declined 0.39%.
See More