Immediate hurdle for FBM Small Cap Index at 15,000, says AllianceDBS Research
KUALA LUMPUR (April 11): AllianceDBS Research said the FBM Small Cap Index (FBMSC) had on April 10 surged to settle at the day's high of 14,837.50 (up 614.98 points or 4.32%).
In a trading pulse note today, the research house said following the up close, the FBMSC is likely to move higher again with immediate hurdle at 15,000.
It said a crossover of 15,000 should see a test of next resistance zone, 15,280-15,440.
"Market support is pegged at 14,220. A fall below 14,220 would put pressure on the sub-index down to the subsequent support zone, 13,690-13,850," it said.
AllianceDBS Research said stock advancers that contributed to the rise in this sub-index include Sino Hua-An International Bhd (up 8.5 sen or 25%), UMW Oil & Gas Corp Bhd (up 3 sen or 12.24%), and Priceworth International Bhd (up 4 sen or 25%).
"The moving average analysis shows that the FBM Small Cap Index is in a downtrend as the shorter 20-day MA line (blue) is below the longer 50-day MA line (red) and the gap between these 2 MA lines is seen not narrowing," it said.
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