Market Outlook as at November 19

The KLCI has been struggling to stay above its medium-term uptrend line for the past few days. It looks like a losing battle as the uptrend line support continued to inch upward, while the index failed to gain ground. Currently, the uptrend line support is at 1396 while the index closed at 1380 yesterday. The KLCI is likely to move sideway in the near future within the range of 1350-1390 until a new trend emerges.


Chart: KLCI's daily chart as at November 19 (courtesy of Quickcharts)