The FBM KLCI was trading listlessly in the vicinity of the peak of 2010-2009 rally, which was expected when the market is situated at around a key level. At the end the session, the index carved out a “Doji Star”, which represents indecision in the market. Remember that the 1,350 pt-level is not just a random level, as there were previously three failed breakout attempts at this level during the March-May period.
Anyhow, yesterday was just a day whereby buyers and sellers were trying to dominate each other at this meaningful level. The immediate technical outlook of the FBM KLCI remains bullish.
From the current level, continue to look for the next tough resistance at the 1,395 pt-level. Initial support is now seen at the 1,350 pt-level, followed by the 1,332 pt-level and the 1,326 pt-level.
Anyhow, yesterday was just a day whereby buyers and sellers were trying to dominate each other at this meaningful level. The immediate technical outlook of the FBM KLCI remains bullish.
From the current level, continue to look for the next tough resistance at the 1,395 pt-level. Initial support is now seen at the 1,350 pt-level, followed by the 1,332 pt-level and the 1,326 pt-level.
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