Monday, July 08, 2019

Market Outlook as at July 8, 2019

Last Friday, FBMKLCI pulled back to its medium-term uptrend line, SS at 1677. It rebounded to close at 1683. MACD is poised to do a negative cross-under. At the same time, +DMI and -DMI are starting to converge. Thus, it is critical the market should get more buying support early this week, failing which we may see a bearish MACD cross-under and a longer consolidation in the market. We will have to wait and see how this will turn out.

Chart: FBMKLCI's daily chart as at July 5, 2019 (Source:

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