FBMKLCI – Sideway Awaiting Fresh Catalyst
The FBMKLCI has shown sideway range with it failed to break out 1820 two weeks ago. It is currently hoovering in a range between 1781 and 1818.
The rebound of oil price and the better than expected GDP figure did boost the index higher on the last two trading days but it failed to break above the 1818 resistance.
With Chinese New Year just round the corner and the short trading week this week (half day tomorrow, and off on Thursday and Friday), it is likely to stay sideway pending major catalyst.
Happy trading and Happy Chinese New Year and Gong Xi Fa Cai to all celebrating.