Is the bull back yet?
Is the bull back in KLCI yet? As of yesterday, it is still not a confirmed sign though the index surged 18 points yesterday. For short term, the index needs to close the gap (1715-1731) which was recorded on 15/12. If it closes above 1732 which is the upper band of the gap, it has better chance of regaining back its lose ground and surge higher. Otherwise, the bearish momentum shall continue.
In short, the recent surge in index was merely a reaction to easing of the oil slump coupled by the surge in US indices after Fed hinted a rate hike not too soon as early 2015, giving market a breath.
Lets not forget that it is year end and there are elements of window dressing in play by fund managers.