The 5-day rebound in the FBM KLCI has been amazing. The market continued to push forward since
the key index shrugged off the DJIA’s 1,000-pt loss last Thursday. The way that the FBM KLCI
rebounded back above the two key lows of 1,321 pts and 1,324 pts last Monday suggests that a solid
floor has been built in the vicinity.
As the FBM KLCI successfully defended the two key recent lows, we maintain our bullish bias
view towards the market’s near-term technical outlook.
The FBM KLCI is not far from cracking the recent-high of 1,349.92 pts. We shall see if this level is
taken out this week. However, one thing we noted is that the five white candles on the FBM KLCI
over the last five trading days were actually shrinking as the market moved towards the 1,349.92 ptlevel.
That means that buyers’ conviction was weakening as the market approached the highest point
of the 2009/2010 rally. Anyhow, should the near-term technical outlook remain bullish going forward,
this level will eventually be violated. The next resistance is seen at the 1,383 pt-level. To the
downside, initial support is now seen at the 1,315 pt-level, followed by the 1,300 pt-level.
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Friday, May 14, 2010
Friday, May 14, 2010
Technical View 14052010
The 5-day rebound in the FBM KLCI has been amazing. The market continued to push forward since
the key index shrugged off the DJIA’s 1,000-pt loss last Thursday. The way that the FBM KLCI
rebounded back above the two key lows of 1,321 pts and 1,324 pts last Monday suggests that a solid
floor has been built in the vicinity.
As the FBM KLCI successfully defended the two key recent lows, we maintain our bullish bias
view towards the market’s near-term technical outlook.
The FBM KLCI is not far from cracking the recent-high of 1,349.92 pts. We shall see if this level is
taken out this week. However, one thing we noted is that the five white candles on the FBM KLCI
over the last five trading days were actually shrinking as the market moved towards the 1,349.92 ptlevel.
That means that buyers’ conviction was weakening as the market approached the highest point
of the 2009/2010 rally. Anyhow, should the near-term technical outlook remain bullish going forward,
this level will eventually be violated. The next resistance is seen at the 1,383 pt-level. To the
downside, initial support is now seen at the 1,315 pt-level, followed by the 1,300 pt-level.
the key index shrugged off the DJIA’s 1,000-pt loss last Thursday. The way that the FBM KLCI
rebounded back above the two key lows of 1,321 pts and 1,324 pts last Monday suggests that a solid
floor has been built in the vicinity.
As the FBM KLCI successfully defended the two key recent lows, we maintain our bullish bias
view towards the market’s near-term technical outlook.
The FBM KLCI is not far from cracking the recent-high of 1,349.92 pts. We shall see if this level is
taken out this week. However, one thing we noted is that the five white candles on the FBM KLCI
over the last five trading days were actually shrinking as the market moved towards the 1,349.92 ptlevel.
That means that buyers’ conviction was weakening as the market approached the highest point
of the 2009/2010 rally. Anyhow, should the near-term technical outlook remain bullish going forward,
this level will eventually be violated. The next resistance is seen at the 1,383 pt-level. To the
downside, initial support is now seen at the 1,315 pt-level, followed by the 1,300 pt-level.
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