On the daily chart, FTSE BURSA MALAYSIA KLCI INDEX (FBMKLCI) is currently trading at 1,611, reflecting a modestly bullish sentiment while maintaining its position above the Moving Averages (MA). This is further supported by the Relative Strength Index (RSI) at 56.97, indicating a favourable positive trend inclination coupled with Moving Average Convergence Divergence (MACD) at 1.46, which reinforce the bullish bias. FBMKLCI may test its nearest resistance level at 1,632, coinciding with its previous high. A successful move above this level could potentially extend the bullish momentum, potentially leading to a retest of the next resistance levels ranging from 1,695 to 1,732. Conversely, if the index fails to surpass the key resistance at 1,632, a retreat could find support around 1,582.
 

Source: BIMB Securities Research - 17 Jul 2024