The market ended another week without providing an answer if the 1,510 pt-level has been decisively violated this time. Instead, the FBM KLCI still exhibited signs of struggling to maintain a posture above the 1,510 pt-level.
Although the FBM KLCI stayed above the 1,510 pt-level for the third session in a row since last Wednesday, without another strong push to the upside to confirm the breakout from the 1,510 ptlevel, there is still a possibility of the index remaining stuck within the recent trading band ranging from the 1,474 pt-level to the 1,510 pt-level.
We will maintain our firmly bullish bias view towards the near-term market until uptrend line 1 is decisively violated. The nearly 20-pt gain recorded last Tuesday and Wednesday had improved the market’s near-term technical landscape but the violation of the 1,510 pt-level still needs to be confirmed.
The FBM KLCI’s historic high of 1,532 pts is now the only resistance which we can detect. To the downside, the 1,510 pt-level is still the immediate support while another support is seen at the 1,485- 1,492-pt area.
Although the FBM KLCI stayed above the 1,510 pt-level for the third session in a row since last Wednesday, without another strong push to the upside to confirm the breakout from the 1,510 ptlevel, there is still a possibility of the index remaining stuck within the recent trading band ranging from the 1,474 pt-level to the 1,510 pt-level.
We will maintain our firmly bullish bias view towards the near-term market until uptrend line 1 is decisively violated. The nearly 20-pt gain recorded last Tuesday and Wednesday had improved the market’s near-term technical landscape but the violation of the 1,510 pt-level still needs to be confirmed.
The FBM KLCI’s historic high of 1,532 pts is now the only resistance which we can detect. To the downside, the 1,510 pt-level is still the immediate support while another support is seen at the 1,485- 1,492-pt area.
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