KUALA LUMPUR (Aug 10): RHB Retail Research said the positive view for the FBM Small Cap Index (FBMSC) remains in play.
In a technical analyser today, the research house said at yesterday's close, the FBMSC registered a 74.79-point gain to 15,084.08 points.
It said this increase sent the index to its fresh high since April.
"As a result, the bearish bias we saw in July 6's 'Bearish Engulfing' candlestick pattern is no longer in play.
"Judging from the immediate positive momentum, there is a high possibility that the FBMSC will test the 15,188-point resistance in the coming sessions.
"Our bullish view is also supported by the fact that the index is hovering firmly above the 50-day SMA line, which points towards a positive outlook," it said.