The US market rebounded sharply by more than 2% on Wednesday, causing a spillover effect on the regional’s stock markets yesterday. The FBM KLCI also continued to rebound following the formation of the “Bullish Engulfing” last week.
As we have mentioned throughout the week, we do not know how far the current rebound can stretch but we are certain that the near-term market outlook 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 now looking at the 1,276-1,285 pt-gap area as the immediate support. Monday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level would be the next support
As we have mentioned throughout the week, we do not know how far the current rebound can stretch but we are certain that the near-term market outlook 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 now looking at the 1,276-1,285 pt-gap area as the immediate support. Monday’s gap area ranging from the 1,269 pt-level to the 1,276 pt-level would be the next support
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