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It is opined that the index will take a breather within this few days but market sentiment would remain cautiously optimistic especially during an initial bullish convergence.



Asian shares sank on Tuesday as optimism about US corporate earnings tapered off and China denied it was easing restrictions aimed at curbing its red-hot property market.



Improved results in the second quarter for US aluminium giant Alcoa initially provided the region with a lift but traders remained anxious about other results still to come from the United States' big corporate hitters. (Yahoo)



After 5.00pm, regional markets ended mixed and European market progressed with gain of 1.41%.



At the local front, FBMKLCI stayed in high plateau most of the time. The index ended at its high at 1,332.87 (+6.13/0.46%). FBMKLCI Average (Pivot Point) was 1,331.48 (+4.14). Total volume was 574 mln (-36).



Market sentiment defied FBMKLCI?s bullish performance and progressed with increasing losers, instead. The Oscillator ended at +111.11 lost 10.54, when compares with its starting point. The Average recorded a gain of 36.31 due to optimistic starting.



At day's end, 12EMA (blue) of MSCD eked up to +10.98 (+4.60), 26EMA (red) to -22.97 (+4.74) and the Histogram to +33.95 (-0.14).



MSCD (Click on chart to view)



After today?s market, 12EMA eked up slightly buy the Histogram casts a shorter bar. FBMKLCI Pivot Point is facing its first resistance after hiking for 6 sessions. It is opined that the index will take a breather within this few days but market sentiment would remain cautiously optimistic especially during an initial bullish convergence.



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