FTSE Bursa Malaysia Kuala Lumpur Composite Index

From a technical perspective, the FBMKLCI continues to form higher highs and higher lows that indicate the
uptrend pattern. The index managed to penetrate above the psychological resistance of 1,600 in last week’s
movement. The RSI has shown an improvement in bullish momentum and is currently ranging above the
50pts. This is supported by a bullish crossover on the MACD. In line with our earlier expectations, the
FBMKLCI has continued to move upwards based on a lower time frame. The index has continued to form a
higher high and higher low, and we expect the index to continue on towards the psychological level of 1,700.

We remain positive on the short- to medium-term outlook but the selling pressure must be fully absorbed for the
index to go higher. We expect the uptrend to resume once selling pressure eases. Investors can accumulate
more even if the market starts to improve further.

Support: 1,540/ 1,500
Resistance: 1,681 / 1,700

Mohd Fakhrul Asyraq Bin Mohd Aluwi, MSTA, CFTe

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