We have been positively bullish since the 1,070 level in the FBM-KLCI. Fast forward 120 points later, we are still bullish and most of our stock picks have gained more than 50% in a time span of just 2-3 months (DNP up 73% ; FAJAR up 27%).FBM-KLCI : will it break the previous high?
Now is the time of reckoning. Will the FBM-KLCI break above the previous high of 1196.46 (6.4 points away) which was reached one month ago on the 14th of August? We think that it will. And in doing so, it may breach the 1,200 level to surge higher into the 1,200-1,250 zone.
Now is the time of reckoning. Will the FBM-KLCI break above the previous high of 1196.46 (6.4 points away) which was reached one month ago on the 14th of August? We think that it will. And in doing so, it may breach the 1,200 level to surge higher into the 1,200-1,250 zone.
Volume has been growing well in the last two days, which was the fuel for the KLCI’s significant 2-day gain of 16.7 points. In addition, the KLCI managed to bounce off the red short term MAV dynamic support line, which means that the bulls are still in control of the proverbial steering wheel.
We are looking for the FBM-KLCI to surge upwards into a new trading zone of 1,200-1,250 by next week.
VIX Index testing uptrend support line
Fortunately for the bulls, the VIX Index failed to breach the important green 200-day dynamic resistance. As a result, it is bouncing down from the resistance and may force a break down of its white mini uptrend line. A break down of the uptrend line will boost the global equities bulls further.
Fortunately for the bulls, the VIX Index failed to breach the important green 200-day dynamic resistance. As a result, it is bouncing down from the resistance and may force a break down of its white mini uptrend line. A break down of the uptrend line will boost the global equities bulls further.
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