Yesterday was one of the most volatile sessions we can remember in recent months. The index started off with a gain of about 5 pts but dipped into negative territory not too long after and even lost as much as 12.02 pts at one point during the day. The market found support at the previous major recent-low of 1,505 pts, and then started to bounce back, eventually ending with a 8.29-pt gain.
Using the potential downtrend channel as guidance, yesterday’s strong push off the 1,505 pt-level was capped right below the downtrend line of the potential channel. Hence, there is still a possibility that the index may create a downtrend channel. We stick to our Neutral view towards the near- termmarket for now.
The retracement that started since the beginning of the year from the historic high has not harmed the market’s mid-term uptrend. Hence, the mid-term technical outlook of the FBM KLCI remains firmly bullish.
From the current level, there is still an immediate support at the 1,505 pt-level, followed by the 1,500 pt-psychological level. To the upside, there is initial resistance at the 1,524-1,536-pt area.
Using the potential downtrend channel as guidance, yesterday’s strong push off the 1,505 pt-level was capped right below the downtrend line of the potential channel. Hence, there is still a possibility that the index may create a downtrend channel. We stick to our Neutral view towards the near- termmarket for now.
The retracement that started since the beginning of the year from the historic high has not harmed the market’s mid-term uptrend. Hence, the mid-term technical outlook of the FBM KLCI remains firmly bullish.
From the current level, there is still an immediate support at the 1,505 pt-level, followed by the 1,500 pt-psychological level. To the upside, there is initial resistance at the 1,524-1,536-pt area.
Tiada ulasan:
Catat Ulasan