FBMKLCI broke above the 200-day Simple moving average line yesterday. In the past 18 months, the 200d SMA line serves very well as the support and resistance for the index. An upside breakout was followed by a rally to the upside while a downside breakout was followed by a further decline. If this pattern continued, we can expect a rally for FBMKLCI.
Chart 1: FBMKLCI's daily chart as at Aug 8, 2018 (Source: Shareinvestor.com)
I have looked thru the various sectoral indices. Only 2 indices stood out- Finance and Technology. That means we should pay more attention to stocks in these sectors. Good luck!
Chart 2: Finance's daily chart as at Aug 8, 2018 (Source: Shareinvestor.com)
Chart 3; Technology's daily chart as at Aug 8, 2018 (Source: Shareinvestor.com)
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