Although the FBM KLCI was stuck in a very tight range last Friday, the key index spent almost the whole session above the flat-line. Despite the index’s lackluster performance, the overall market sentiment was actually very positive. Notable strong gainers were spotted in the top gainer list.
Meanwhile, we maintain our near-term bearish bias view. We will continue to monitor how the index will consolidate the strong rebound from the recent low of 1,294.37 pts. As we mentioned before, while the FBM KLCI is now trading about 15 pts below the peak of the 2009-2010 rally, the DJIA is obviously still trending downwards within a broad downtrend channel.
From the current level, there is tough resistance at the 1,350 pt-level. Immediate support is now seen at the 1,332 pt-level, followed by the 1,326 pt-level.
Meanwhile, we maintain our near-term bearish bias view. We will continue to monitor how the index will consolidate the strong rebound from the recent low of 1,294.37 pts. As we mentioned before, while the FBM KLCI is now trading about 15 pts below the peak of the 2009-2010 rally, the DJIA is obviously still trending downwards within a broad downtrend channel.
From the current level, there is tough resistance at the 1,350 pt-level. Immediate support is now seen at the 1,332 pt-level, followed by the 1,326 pt-level.
No comments:
Post a Comment