RHB Research Institute says any rebound on Tuesday, April 20 could be brief as the short-term technical outlook has turned negative after the index lost the 10-day SMA of 1,336 late last week.
It said on Tuesday, April 20 that during the previous day’s trading, if not for the mild afternoon recovery in some regional peers, like Hang Seng and a firm start in the early European markets, the FBM KLCI would probably have closed the day with another bearish candle.
In its technical outlook, it said this bearish candle could pressure the sentiment to be even more bearish.
“However, with a potential ‘hammer’ candle recorded yesterday, there is a chance of technical recovery today. But, investors should be aware that the short-term technical outlook has turned negative after the index lost the 10-day SMA of 1,336 late last week,” it said.
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