The performance of the FBM KLCI has been lackluster since last Friday, having given up all the 11.23 pts it gained last Thursday. Yesterday, the market again ended below the 1,510 pt-level. With the exception of last Thursday, the index has closed below the 1,510 pt-level in every session since 11 Dec 2010.
The FBM KLCI has to take out the 1,510 pt-level, failing which the market is expected to remain stuck in the recent trading band ranging from the 1,474 pt-level to the 1,510 pt-level, albeit the short-term downtrend channel has been violated.
Meanwhile, we maintain our near-term bullish view as the market is still trading at above uptrend line 1. Last month’s rebound off uptrend line 1 also signaled the market’s intention to continue extending its uptrend.
Immediate resistance is still seen at the 1,510 pt-level, after which the historic high is the only resistance we can detect. To the downside, there is immediate support at the 1,500 pt-level, followed by the 1,485-1,492 pts area.
The FBM KLCI has to take out the 1,510 pt-level, failing which the market is expected to remain stuck in the recent trading band ranging from the 1,474 pt-level to the 1,510 pt-level, albeit the short-term downtrend channel has been violated.
Meanwhile, we maintain our near-term bullish view as the market is still trading at above uptrend line 1. Last month’s rebound off uptrend line 1 also signaled the market’s intention to continue extending its uptrend.
Immediate resistance is still seen at the 1,510 pt-level, after which the historic high is the only resistance we can detect. To the downside, there is immediate support at the 1,500 pt-level, followed by the 1,485-1,492 pts area.
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