The FBM KLCI gapped up and continued to push forward yesterday. The benchmark’s gains basically confirmed the “Bullish Engulfing” constructed last Thursday. As we mentioned before, with the “Bullish Engulfing” detected at the current level coupled with the “Hammer” seen in the US market, it looks like the FBM KLCI can still continue to rebound further.
Anyhow, our bearish view towards the near-term market will remain the same as long as it does not return back above the 1,307/1,308 pt-level. The immediate technical outlook of the FBM KLCI is still firmly bearish at the moment.
Now look for an immediate resistance at the 1,290-1,304 pts area, followed by the 1,307/1,308 ptlevel. To the downside, we are looking at yesterday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level as the immediate support. Next support would be the 1,248 pt-level.
Anyhow, our bearish view towards the near-term market will remain the same as long as it does not return back above the 1,307/1,308 pt-level. The immediate technical outlook of the FBM KLCI is still firmly bearish at the moment.
Now look for an immediate resistance at the 1,290-1,304 pts area, followed by the 1,307/1,308 ptlevel. To the downside, we are looking at yesterday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level as the immediate support. Next support would be the 1,248 pt-level.
No comments:
Post a Comment