As shown in the chart, the FBMKLCI successfully closed above 1670.16, making a historical closing high at 1671.89 points, gaining 3.9 points. The SMA 20-day remains its dynamic support for immediate term. Since the FBMKLCI is closing at its historical high, there is no reliable resistance for now. No man's land is unknown territory.
As indicated by the 50-day Volume Moving Average, total market volume increased 27.2%, with 31,440,328,900 shares traded. Market sentiments should remain optimistic if daily traded volume stays above the 50-day VMA. Generally, the active market participation is likely to sustain the improving market sentiment.
The daily Stochastic stays above 70%, in its short-term bullish territory, suggesting that the short-term movement of the FBMKLCI is still positive.
In conclusion, despite the US market closing at recent month lows, the FBMKLCI marks its historical new high. Technically, the technical outlook for the FBMKLCI remains positive, as it is still supported by the rising 14, 21, 31 EMA dynamic support (not included in this chart).
HAPPY HOLIDAYS
SELAMAT HARI RAYA AIDILADHA
daripada ZLBT
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