KUALA LUMPUR: Having broken through the resistance of 1,465 that was set in July 2023, the benchmark FBM KLCI could be seeing a continuation of the rally.
According to Apex Securities Research, the market is seeing bullish momentum, which could extend its gains towards a resistance of 1,488, while the lower liners are also expected to have a good run with the high trading volumes above the six billion mark.
"We expect traders to capitalise onto the renewed vibrant trading activities," said the research firm in a note.
Following the third straight session of gains, Apex Securities said the technical indicators remained positive as the MACD line hvoered above the signal line, while the RSI tipped slightly into the overbought territory.
"Immediate resistance is located at 1,488. Support is pegged at 1,430," it said.
At the start of the week's trading, the FBM KLCI was up 0.99 points to 1,466.6 following a positive bounce in US markets last Friday.
Genting continues to pick up momentum, rising nine sen to RM4.81 while Genting Malaysia gained two sen to RM2.82.
Press Metal
, meanwhile, bounced back four sen to RM4.92 while YTL Power climbed five sne to RM3.27.
PETRONAS Dagangan added four sen to RM21.16 and PETRONAS Gas was up six sen to RM17.60.
Among top actives on the market, MQ Tech was up 0.5 sen to three sen, Ta Win gained 0.5 sne ot 4.5 sen and Hong Seng shed 0.5 sen to 2.5 sen.
Iskandar Waterfront City remained heavily traded, gaining five sen to 95 sen.
