The market took a breather yesterday after Wednesday’s 10.4 pt-gain which had confirmed the existence of the “Morning Star” bullish reversal pattern. The “Morning Star” which was printed right below the steeper uptrend has prevented the FBM KLCI from falling further.
We will continue to stick to our bullish bias view on the near-term stock market as long as it maintains a posture at above the new uptrend line. As the daily RSI still closed at around the 74 pt-level yesterday, there is still room for additional gains before the FBM KLCI reaches overbought territory. The FBM KLCI normally gets overbought beyond the 80 pt-level.
The next resistance still lies at the psychological 1,500-mark, followed by the 1,524.69 pt-level. To the downside, the 1,497.6 pt-level is now the initial support, followed by the 1,439 pt-level and the 1,428 pt-level.
We will continue to stick to our bullish bias view on the near-term stock market as long as it maintains a posture at above the new uptrend line. As the daily RSI still closed at around the 74 pt-level yesterday, there is still room for additional gains before the FBM KLCI reaches overbought territory. The FBM KLCI normally gets overbought beyond the 80 pt-level.
The next resistance still lies at the psychological 1,500-mark, followed by the 1,524.69 pt-level. To the downside, the 1,497.6 pt-level is now the initial support, followed by the 1,439 pt-level and the 1,428 pt-level.
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