Chart 1: Weekly Charting of FBMKLCI – The index could have staged an upside volatility breakout. Besides, with a convincing surge beyond the previous high of 1,679.4, we reckon that the index is poised to make an uptrend resumption. Should this expectation materialise, we believe there is still room for further upside given that the RSI has yet to turn overbought and the MACD is just about to tur
n positive.
Chart 2: Daily Charting of FBMKLCI – While the index is trending up above the 8-day SMA, it could stage a correction towards the 8-day SMA of 1,681 in the near-term. This is because the RSI has shown a bearish divergence and the index traced out a reversal pattern judging from its last Friday closing. Should this support is well defended; the index will likely continue its underlying uptrend. Otherwise, it could dip further to the 21-day SMA of 1,658.
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