Bulls remain in control at FBM Small Cap Index, says RHB Retail Research

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KUALA LUMPUR (Dec 21): RHB Retail Research said the bullish view is still in play for the FBM Small Cap Index (FBMSC).

In a technical analyser today, the research house said the FBMSC rebounded by 34.56 points yesterday to 16,748.91 after three weak sessions in a row.

RHB Research said the FBMSC charted a white candle after having oscillated between a low of 16,704.90 and high of 16,748.91.

"As a result, the index has successfully breached above the previous 16,745-point resistance, albeit slightly.

"As a result, we think the two-week bullish bias remains in play.

"We also believe that the upside movement may still continue once the breather — which started since Dec 15 — reaches its limit," it said.