t is now confirmed that the sell-down which occurred three weeks ago was just a market breather for the FBM KLCI’s longer uptrend, as yesterday’s near 7-pt gains pushed the index to another record high, marking another milestone for the stock market.
The daily RSI closed at the 69-pt level yesterday - still a distance from the 80-pt level which the index has not been able to surpass for nearly two years – giving it room to add more points in the coming weeks. Hence, the near-term technical outlook of the FBM KLCI remains firmly bullish.
From the current historic high level, market participants can look for the 1,660-pt level as the psychological hurdle. To the downside, look for an immediate support at 1,646 pts, followed by 1,634 pts.
Source: OSK
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