The FBMKLCI broke out of its downtrend channel resistance yesterday. It is also holding above its 30-day SMA. Despite these positive changes the past few days, the candles need to swing above its 50-day SMA (now at 1,523) to confirm the reversal. IA break above this level should be near term bullish and this should push prices towards 1,544 next. On the downside, we are still wary about the potential formation of a H&S pattern. The neckline support is at 1,474 while there is also a minor support near the 1,500 psychological level.
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