Most of the regional stock markets recorded marginal losses yesterday, which could reflect the disappointment over the US market’s performance on Tuesday as the key indices failed to hold on to most of their impressive gains towards the closing. Anyhow, the FBM KLCI still experienced a bit of follow-through buying yesterday.
We still maintain our bearish stance on the near-term technical outlook of the FBM KLCI after the index violated the short-term uptrend line. The immediate trend is obviously still down after the market created the “Bearish Harami”. Also do not forget that the benchmark made three failed attempts to break above the 1,350 pt-level, which led to it breaking below the critical “Neckline” support.
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, immediate resistance lies at 1,318 pt-level, followed by the 1,330 pt-level.
We still maintain our bearish stance on the near-term technical outlook of the FBM KLCI after the index violated the short-term uptrend line. The immediate trend is obviously still down after the market created the “Bearish Harami”. Also do not forget that the benchmark made three failed attempts to break above the 1,350 pt-level, which led to it breaking below the critical “Neckline” support.
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, immediate resistance lies at 1,318 pt-level, followed by the 1,330 pt-level.
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