The market continued to consolidate the more than 30 pts gained last Monday and Tuesday, with no signs of panic selling. As long as the FBM KLCI stays at above the steeper uptrend line as it is portrayed in the above daily chart, there is always the possibility that the index could scale higher further without a sharp pullback. Remember that the index recently recorded more than 100 pts at above the 70 pt-level. Hence, we would not be surprised if the market continues to go higher at the current speed. Moreover, the daily RSI has pulled back below the 80-pt overbought territory.
The FBM KLCI’s near-term technical outlook will remain firmly bullish as long as it stays above the new uptrend line, as is marked in the above chart. Besides, the index can still advance further without a sharp pullback as long as the steeper uptrend line is not violated.
The market’s immediate resistance still lies at the psychological 1,500 pt-barrier, followed by the 1,524.69 pt-level. To the downside, there is immediate support at the 1,457 pt-level, followed by the 1,439 pt-level.
The FBM KLCI’s near-term technical outlook will remain firmly bullish as long as it stays above the new uptrend line, as is marked in the above chart. Besides, the index can still advance further without a sharp pullback as long as the steeper uptrend line is not violated.
The market’s immediate resistance still lies at the psychological 1,500 pt-barrier, followed by the 1,524.69 pt-level. To the downside, there is immediate support at the 1,457 pt-level, followed by the 1,439 pt-level.
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