The FBM KLCI has put on about 35% over the last four trading days. While we do not rule out the possibility of the index continuing to go up without the need for a brief consolidation, we would also not be surprised if it starts consolidating or even experiences a short pullback, before resuming in earnest. Anyhow, the near-term view is the one that we have always focused on, and it will be bullish until a reversal signal is detected.
The historic high of 1.577 pts is the only resistance remaining. To the downside, there is now an immediate strong support at the 1,547 pt-level, followed by another strong support at the 1,531-1,536 pt-area.
The historic high of 1.577 pts is the only resistance remaining. To the downside, there is now an immediate strong support at the 1,547 pt-level, followed by another strong support at the 1,531-1,536 pt-area.
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