The market was stuck in a very narrow range yesterday. Overall trading volume was relatively modest, with slightly more than 500m shares changing hands. There has been no panic selling in the market following the creation of the “Bearish Harami”. It was basically not an important trading day from the technical point of view.
Meanwhile, we have a Neutral view on the FBM KLCI, although the index is trading at above its uptrend line. This is because the DJIA’s near-term technical outlook will remain bearish at below the 10,700 pt-level. We still wait and see if the FBM KLCI’s “Bearish Harami” would be confirmed soon.
To the upside, the 1,334 pt-level is still the immediate resistance while next resistance is seen at the 1,350 pt-level. The 1,307/1,308 pt-level is still the immediate support for the market. Further away, watch out for the 1,298-1,303 pt-area as the next support.
Meanwhile, we have a Neutral view on the FBM KLCI, although the index is trading at above its uptrend line. This is because the DJIA’s near-term technical outlook will remain bearish at below the 10,700 pt-level. We still wait and see if the FBM KLCI’s “Bearish Harami” would be confirmed soon.
To the upside, the 1,334 pt-level is still the immediate resistance while next resistance is seen at the 1,350 pt-level. The 1,307/1,308 pt-level is still the immediate support for the market. Further away, watch out for the 1,298-1,303 pt-area as the next support.
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