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- We last updated FBMKLCI on 26 Jan where we mentioned the action of #1 was more of outpouring of supply onto the market
- We wanted to reassess the situation when the average nears previous support of 1480
- However, the average refused to go low and from the low of 1503.34 it moved up over the next 8 sessions with higher highs and lows
- On the last 2 days, we were still in doubt as to whether the average will be slammed down from previous support turned resistance line
- The action of 9 Feb removed all doubt as the average pushes through the resistance line of 1530
- We will reassess the average as the action now will either confirm or contradict our expectation
