Market Outlook as at June 19, 201920th June 2019
Yesterday FBMKLCI rose 13.78 points (or 0.83%) to close at 1666.54. Gainers out-numbered losers 474 to 330, with 405 counters traded unchanged.
FBMKLCI has gone marginally above the intermediate downtrend line, RR at 1665. Though unconvincing, this upside breakout could signal the end of the past 1 year downtrend. What comes next will either be a sideways market or an uptrend. With the Malaysian economy in doldrums and our political scene in a state of confusion, it is hard to believe a bullish market will emerge.
Let’s wait and see.
Chart: FBMKLCI’s daily chart as at June 19, 2019 (Source: Malaysiastock,.biz)
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