Last week, we highlighted the three shrinking white candlesticks that appeared prior to last Friday’s session. The key index’s 8.28-pt gain last Friday has written off the possibility that the rebound starting from the 1,294.37 pt-low could be losing momentum. Yesterday, the FBM KLCI continued to pick up another 2.43 pts. The index’s performance has basically been in line with the strong rebound experienced by the US market over the last four trading days.
Meanwhile, there is no change on our near-term bearish view on the FBM KLCI. The DJIA is obviously still trending downwards within a broad downtrend channel despite the massive gains recorded over the last five sessions. Moreover, the FBM KLCI is still trading at below the recent peak recorded in June.
From the current level, there is immediate resistance at the 1,330 pt-level, followed by the 1,350 ptlevel. Immediate support is seen at the 1,316 pt-level, followed by the 1,307 pt-level.
Meanwhile, there is no change on our near-term bearish view on the FBM KLCI. The DJIA is obviously still trending downwards within a broad downtrend channel despite the massive gains recorded over the last five sessions. Moreover, the FBM KLCI is still trading at below the recent peak recorded in June.
From the current level, there is immediate resistance at the 1,330 pt-level, followed by the 1,350 ptlevel. Immediate support is seen at the 1,316 pt-level, followed by the 1,307 pt-level.
No comments:
Post a Comment