It was a consolidation day for the FBM KLCI as the market took a breather yesterday after rebounding sharply over the last two trading days. We mentioned before that with the “Bullish Engulfing” constructed last week and the “Hammer” seen in the DJIA and SPX of the US market, the FBM KLCI might still be able to continue rebounding from here.
We do not know how far the current rebound will be stretched if the index decides to continue adding more points from here. However, 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.
Meanwhile, immediate resistance lies at the 1,290-1,304 pt-area, followed by the 1,307/1,308 ptlevel. To the downside, we are looking at the Monday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level as the immediate support. Next support would be at 1,248 pts.
We do not know how far the current rebound will be stretched if the index decides to continue adding more points from here. However, 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.
Meanwhile, immediate resistance lies at the 1,290-1,304 pt-area, followed by the 1,307/1,308 ptlevel. To the downside, we are looking at the Monday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level as the immediate support. Next support would be at 1,248 pts.
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