KUALA LUMPUR (Feb 20): RHB Retail Research said the upside movement is likely for the FBM Small Cap Index (FBMSC) to extend further.
In a technical analyser today, the research house said the FBMSC started the week on a positive note, as it climbed by 295.98 points to 16,796.75 points.
It said the index closed Feb 6’s “Downside Gap” continuation pattern and breached firmly above the previous 16,651-resistance mark.
“This shows an encouraging continuation of the bullish bias that we highlighted in the prior session.
“Note that the FBMSC left a white candle without any upper shadow, which implies that the bulls were in control of the session towards the end of the day.
“Based on the immediate performance, chances are high that the upside movement may continue further,” it said.