As the US market was closed overnight and the regional equity markets were lackluster yesterday, it was pretty much the local market factors that drove the FBM KLCI. Sime Darby was pressured with heavy selling all of the sudden in the afternoon, leading the market lower by nearly 8 pts. After last Friday, two stocks in the top volume list namely Sime Darby and Sinotop, succumbed to heavy selling yesterday. As we mentioned before, we have not seen stocks facing such heavy selling among those in the top volume for many months.
The key index is continuing to go lower after creating the “Bearish Harami”. The bearish reversal pattern has been confirmed by the breakdown from the short-term uptrend line. Since then, the FBM KLCI has been trending lower, which is basically in line with what we would expect after the index violated the short-term uptrend line. The near-term technical outlook of the FBM KLCI is firmly bearish.
From the current level, the 1,298-1,303 pt-area is the immediate support while next support is seen at the 200-day MAV line, which now lies at the 1,284 pt-level. To the upside, an immediate resistance lies at the 1,307/1,308 pt-level, followed by the 1,318 pt-level.
The key index is continuing to go lower after creating the “Bearish Harami”. The bearish reversal pattern has been confirmed by the breakdown from the short-term uptrend line. Since then, the FBM KLCI has been trending lower, which is basically in line with what we would expect after the index violated the short-term uptrend line. The near-term technical outlook of the FBM KLCI is firmly bearish.
From the current level, the 1,298-1,303 pt-area is the immediate support while next support is seen at the 200-day MAV line, which now lies at the 1,284 pt-level. To the upside, an immediate resistance lies at the 1,307/1,308 pt-level, followed by the 1,318 pt-level.
No comments:
Post a Comment