Last week, the breakdown from the short-term uptrend line basically confirmed the “Bearish Harami”. The near-term technical outlook of the FBM KLCI is firmly bearish.
To the upside, there is immediate resistance at the 1,318 pt-level, followed by the 1,335 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.