KUALA LUMPUR (Jan 3): RHB Retail Research said the outlook for the FBM Small Cap Index (FBMSC) remains bullish, as the bulls are in firm control of market sentiment.
In a technical analyser today, the research house said the FBMSC edged up 74.6 points yesterday as it ended the session at 17,125.47 points from the prior 17,050.87-point close.
It said the index also charted a white candle that breached above the previous 17,112-point resistance.
"This shows that the session was led by the bulls, and that the upside movement could still extend further.
"Note that the 14-day relative strength index indicator is currently at 65.49 points, ie below the 70-point overbought level.
"Technically speaking, there is still room for the bullish bias to extend, thereby enhancing our positive view," it said.