Most of the regional stock markets rebounded yesterday. We believe there were expectations of the US market being ripe for a technical rebound after the DJIA recorded losses in nine out of the past 10 sessions. Yesterday, the FMB KLCI had more or less recovered Monday’s losses but the rebound did not alter the current bearish technical landscape.
The key index appears to be still trading below the short-term uptrend line. The near-term technical outlook of the FBM KLCI is firmly bearish. The “Bearish Harami” has been confirmed by the breakdown from the uptrend line.
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 appears to be still trading below the short-term uptrend line. The near-term technical outlook of the FBM KLCI is firmly bearish. The “Bearish Harami” has been confirmed by the breakdown from the uptrend line.
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.
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