KUALA LUMPUR (April 13): RHB Retail Research said the one-week upside bias for the FBM Small Cap Index (FBMSC) remains intact despite the weak performance.
In a technical analyser today, the research house said the FBMSC slipped 85.09 points yesterday to 14,963.97 points.
The research house said the FBMSC charted a black candle after having oscillated between a low of 14,905.43 points and high of 15,095.46 points.
“We view this weak performance as the index merely taking a breather, which carries no threat to our positive view.
“This is a normal reaction, especially after the FBMSC broke above the previous 14,789-point resistance.
“It also confirmed the bullish biases of April 5’s ‘Bullish Harami’ and April 6’s ‘Hammer’ candlestick patterns on April 11.
“For now, we deem the one-week upside bias as still in play,” it said.
Source: The Edge