The following hourly chart of FBMKLCI shows that there are some level of support @ 1,716. Last Friday, the index managed to close just above the support line. Any further dip below 1,716 will reinforce a bearish theme for the Malaysian index.
The following hourly chart of SAPNRG has shown that the stock has stayed below its key resistance point of $1.38. Immediate positive or negative catalyst will be the outcome of the OPEC meeting to be held on 30 Nov 2017.
If there is no further commitment for production cut by the OPEC, the Brent may appear to be in an ‘overbought’ (or “overextended) position.
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