KUALA LUMPUR (March 20): RHB Retail Research said the correction for the FBM Small Cap Index (FBMSC) may still extend as market sentiment remains weak.
In a technical analyser today, the research house said the FBMSC ended at 15,758.13 points to post a 37.95-point loss yesterday.
It said as a result, it charted a black candle after having oscillated between a low of 15,728.86 points and a high of 15,814.65 points.
"In the daily chart, we see the index now hovering near the 15,684-point support.
"Based on the current technical viewpoint, it is likely that the downside movement may extend further.
"This is supported by the 35.37-point loss in the 21-day SMA line to 16,328.52 points, which implies a bearish outlook," it said.