FBM Small Cap Index likely to test 15,188pts, says RHB Retail Research

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KUALA LUMPUR (Aug 15): RHB Retail Research said the bullish expectation for the FBM Small Cap Index (FBMSC) continues.

In a technical analyser today, the research house said the FBMSC posted a 125.06-point increase at yesterday's close to 15,068.05 points.

The research house said this left a white candle after having oscillated between a low of 14,947.03 points and high of 15,079.49 points — showing no continuation of the bearish bias it saw in the prior session.

"Overall, the bullish bias since early April continues to exert itself.

"Based on the immediate view, chances are high for the index to test the 15,188-point resistance in the coming sessions.

"This is also supported by the 14-day RSI indicator located above the 50-point neutral level at 65.60 points, suggesting that market strength is present," it said.

At the midday break today, the FBMSC rose 0.43% or 65.52 points to 15,133.57.