Following the strong move in US equity indices last night, we take this opportunity to highlight the current technical picture of the FBM KLCI. Yesterday’s close of 1,472 pts confirms that the bull has won the battle of 1,430 pts and the second leg of the rally from the September-low has officially started. However, further confirmation is still required by a close above the October high, i.e. above 1,490 pts. Resistance is expected at the psychological 1,500 pts with a stronger one at 1,530 pts, the gap of 5 Aug.
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