KUALA LUMPUR (Feb 23): RHB Retail Research said the bullish indicator suggests that more upside movements are likely to occur for the FBM Small Cap Index (FBMSC).
In its technical analyser today, the research house said that after breaching above the 21-day SMA line on Feb 21, the FBMSC continued to climb 43.72 points yesterday to 16,932.16 points.
"As a result, the index is now situated near the 16,969-point resistance.
"This shows a positive continuation of the prior session's bullish bias. Judging from the current technical landscape, it is likely that the upside movement could still extend in later sessions.
"This is supported by the fact that the FBMSC is hovering above the aforementioned SMA line, which points towards a positive outlook," it said.