Yesterday, the market continued to consolidate the two-day sharp rebound. In what is seen as an insignificant trading day from the technical point of view. We will see how far the key index could rebound from the low of the 1243.86 pt-level after creating the “Bullish Engulfing”. We also saw the DJIA and SPX of the US market create a “Hammer” last week.
We do not know how far the current rebound will be stretched if the index decides to continue adding more points from here. However, we are certain that the near-term market will remain bearish 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 still lies at the 1,290-1,304 pt-area, followed by the 1,307/1,308 ptlevel. To the downside, we are still looking at Monday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level as the immediate support. Next support is seen 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, we are certain that the near-term market will remain bearish 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 still lies at the 1,290-1,304 pt-area, followed by the 1,307/1,308 ptlevel. To the downside, we are still looking at Monday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level as the immediate support. Next support is seen at 1,248 pts.
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