On the daily chart, FTSE BURSA MALAYSIA HIJRAH SHARIAH INDEX (FBMHIJRAH) is currently priced at 13,250 and has consistently held above an uptrend line, solidifying a positive outlook for the index. This outlook remains intact as it trades above the Moving Averages (MA). The Relative Strength Index (RSI) at 60.30 indicates a bullish sentiment, suggesting a persistent upward trajectory. Furthermore, the Moving Average Convergence Divergence (MACD) at 38.52 supports the upward trend. We observe the current trend leaning towards a constructive bias. If the rally continues and breaks above its previous high of 13,327, this could signal further upward movement with the next resistance levels likely in the range of 13,388 to 14,576. However, if the index fails to sustain its ascent, a potential pullback could occur. In such a scenario, the nearest support levels to monitor would be at 12,948 to 12,021.
 

Source: BIMB Securities Research - 17 Jul 2024