Bursa Malaysia Construction Index
The recent price action has seen the index bouncing near the middle band, suggesting a period of equilibrium after the correction.
Resistance: The recent high around 320 can be considered a key resistance level. The price failed to sustain above this level in July, leading to the correction.
Support: The recent low of approximately 260 in August seems to be providing support, as the price bounced back from there in September.
The index is currently attempting a recovery, with today's candle showing a bullish move. However, it is still below the resistance level of 280-290.
The market is in a consolidation phase after a strong correction. A breakout above 290 would indicate a continuation of the uptrend, while a drop below 260 could signal further downside.
