FBM KLCI

FBM KLCI closed lower today, declined 3.16 points settled at 1554.85. 

The index is trading in a downtrend with a lower high and a lower low spotted. MACD and RSI are below the middle levels and index is trading bias towards the lower Bollinger bands.

Indicators show sign of bearish with the market sentiment is still weak while investors fretted about a possible US government credit downgrade and concerns grew about the economy's growth prospects. Therefore, I will expect it to test the 1540 support.

The immediate support and resistance are pegged at 1540 and 1565. If 1540 can’t hold the next support can found at 1525.