The stock market’s performance has been lackluster following the creation of the “Bearish Harami” and more so after the key index violated the uptrend line. It was not an important trading day as far as the FBM KLCI is concerned as the index was trading within a very tight range. Nevertheless, a few stocks in the top-volume list succumbed to rather heavy selling pressure. To our best memory, we have not seen such phenomena for many months.
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.
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