What key resistance level must the FBM KLCI break to rise?

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FBM KLCI Needs to Surpass 1,660 Resistance for Upward Trend

The FBM KLCI must decisively break the 1,660 resistance level (R1) to establish an upward trend towards the 1,700 mark. Should the index falter at this resistance point, a retracement towards the 1,615 and 1,600 levels is anticipated.
Breaking Key Resistance is Crucial for Upside Momentum

Kenanga Research has indicated that a significant breach of the 1,660 level is vital for the local index to ascend towards 1,700. This level acts as a critical barrier to upward movement, and failure to overcome it suggests a potential pullback.
Market Sentiment Remains Subdued Amidst Limited Catalysts

The Malaysian stock market has been characterised by a decoupling from global and regional equity markets, with an elusive upside bias due to a scarcity of catalysts. This environment suggests that the prevailing mixed trend is likely to persist, with the key index potentially hovering near its three-year low for an extended period.
Short-Term Consolidation Expected

Given that momentum indicators continue to exhibit some weaknesses, as evidenced by flat-lining, short-term consolidation is a likely scenario for the current week's trading. This indicates a period of sideways movement rather than a strong directional trend.

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What key resistance level must the FBM KLCI break to rise?

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