We mentioned yesterday that while the DJIA is obviously trending down within a broad downtrend channel and the index is already 10% off the 2009-2010 rally, the FBM KLCI is indeed only about 20 pts away from breaking out from the 2009-2010 rally peak. To our best memory, this is the first time that we saw such resilient performance from the FBM KLCI in at least 8 years. Meanwhile, we maintain our bearish view while watching the DJIA’s immediate trend.
From the current level, there is a tough resistance at the 1,350 pt-level. Immediate support is still situated at the 1,332 pt-level, followed by the 1,326 pt-level.
From the current level, there is a tough resistance at the 1,350 pt-level. Immediate support is still situated at the 1,332 pt-level, followed by the 1,326 pt-level.
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