Hanging on. The FBM KLCI lost 1.95 points to 1,519.94 points, which was well off the day’s low of 1,507.67 points, on last minute buying support. Corporate news flow includes the High Court deciding that the resolution passed at EON Capital’s EGM was deemed to be valid, Sime Darby forming an independent board for each of its divisions to raise accountability while its utilities division has formed a partnership with Mustang group to provide support services for the oil and gas industry. Latexx Partners has received a RM852m takeover offer from Navis Asia VI Management Co Ltd, translating into an offer price of RM3.10/share, MMC-Gamuda JV wins the Project Development Partner role in the MRT project and TM Bhd will invest RM427m in submarine cables. We expect our market to trade positively today, taking the cue from Dow’s strong overnight gain 148 points. We wish all our readers a Happy Lunar New Year. Gong Xi Fa Cai!
 |
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TECHNICAL REVIEW - 31 January 2011
We noted the market’s indecisiveness in the vicinity of the uptrend line 1 last Friday. The market
failed to retain the nearly 7 pts of follow-through picked up last Thursday. Instead, the index lost
slightly more than 5 pts on the last trading day of the week.
During the week’s last three sessions, the index was not only struggling at around uptrend line 1, but it was also capped below the short-term downtrend line. Hence, the “non-classical Hammer” still has yet to be confirmed. A breakout from the downtrend line would be enough to confirm the bullish reversal pattern. However, at the same time, the market is also facing great risk of retracing further as it remained pressured by the short-term downtrend line.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias view.
Next support remains at the 1,500 pt-psychological mark and below this level, the November low of 1,493 pts and the October low of 1,474 pts are the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
failed to retain the nearly 7 pts of follow-through picked up last Thursday. Instead, the index lost
slightly more than 5 pts on the last trading day of the week.
During the week’s last three sessions, the index was not only struggling at around uptrend line 1, but it was also capped below the short-term downtrend line. Hence, the “non-classical Hammer” still has yet to be confirmed. A breakout from the downtrend line would be enough to confirm the bullish reversal pattern. However, at the same time, the market is also facing great risk of retracing further as it remained pressured by the short-term downtrend line.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias view.
Next support remains at the 1,500 pt-psychological mark and below this level, the November low of 1,493 pts and the October low of 1,474 pts are the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
MARKET REVIEW - 31 January 2011
Middle Eastern jitters. The FBM KLCI closed 5.07 points lower at 1,521.9 with Tenaga, Sime Darby and Petronas Gas being the main drag. The corporate news include Genting group rumoured to be making a bid for Pan Malaysia Pools Sdn Bhd, Digi reporting a 34% y-o-y surge in 4QFY10 earnings that was largely in line with our estimates, MTD Capital directors offering to buy the toll-road assets and liabilities from MTD Prime SB and Metramac Corp SB for RM3.52bn cash and Barisan Nasional retaining the Tenang State Assembly seat by a larger majority. The US markets closed 166.1 points lower last Friday on further concerns that the unrest in Egypt could have a large contagion effect on the rest of the Middle East.
Pasaran uji paras 1,500 mata
KUALA LUMPUR 30 Jan. - Harga saham di Bursa Malaysia kemungkinan merosot pada minggu depan dengan pengukur pasaran dijangka menguji paras 1,500 mata apabila para pelabur terus berada di luar pasaran, bagi berehat semasa cuti perayaan Tahun Baru Cina.
Pasaran saham akan ditutup pada 1 Februari bagi Hari Wilayah Persekutuan dan perayaan Tahun Baru Cina pada 3 dan 4 Februari. Bursa tempatan itu akan hanya diniagakan untuk dua hari pada minggu depan.
Ketua Penyelidikan Runcit Affin Investment Bank, Dr. Nazri Khan berkata, pasaran akan terus mengukuh apabila para pelabur menjual pegangan masing-masing berikutan minggu dagangan singkat pada minggu depan.
Katanya, khabar angin mengenai langkah pengetatan fiskal oleh Bank Negara Malaysia (BNM) dengan menggunakan langkah kreatif atau langkah bukan tradisional seperti hartanah, margin dan keperluan rizab, dijangka memberi tekanan sedikit pada sentimen pasaran tempatan.
Faktor luaran yang akan terus memberikan wajaran pada sentimen pasaran pada minggu depan akan termasuk peningkatan tekanan inflasi berikutan kenaikan harga minyak dan komoditi.
Bagaimana pun, katanya asas pasaran masih kukuh.
Bagi minggu baharu berakhir, sentimen kekal menurun apabila berlaku pengambilan untung di dalam kaunter berwajaran tinggi, walau pun berlaku lantunan sederhana pada Khamis lalu yang menarik turun harga.
Kaunter perladangan dan kewangan paling teruk menerima kesan. Berasaskan Jumaat ke Jumaat, FBM KLCI merosot 25.54 mata kepada 1,521.89.
Indeks FBM Emas turun mendadak sebanyak 144.50 mata kepada 10,487.56, FBM70 melonjak 893.62 mata kepada 11,252.15 dan Indeks FBM ACE turun 19.01 mata kepada 4,252.8.
Indeks Kewangan turun 53.92 mata kepada 13,963.13, Indeks Perusahaan turun 39.50 mata kepada 2,867.53 dan Indeks Perladangan turun 203.36 mata kepada 7,887.76. Perolehan mingguan dicatatkan 7.961 bilion saham bernilai RM11.443 bilion, berbanding 7.133 bilion saham bernilai RM9.585 bilion pada minggu lepas.
Jumlah dagangan di pasaran utama meningkat kepada 6.678 bilion saham bernilai RM11.223 bilion berbanding 6.195 bilion saham bernilai RM9.382 bilion yang dicatatkan pada minggu lepas.
Bagaimana pun, jumlah dagangan pasaran ACE turun kepada 512.277 juta saham bernilai RM54.044 juta daripada 1.028 bilion saham bernilai RM47.267 juta yang dicatat pada minggu lepas.
Jumlah dagangan waran penggilan meningkat kepada 744.812 juta bernilai RM153.040 juta daripada 577.586 juta unit bernilai RM140.188 juta sebelum itu. - Bernama
Saham perladangan rangsang Bursa kukuh
KUALA LUMPUR 27 Jan - Lantunan di kaunter-kaunter perladangan dan kewangan hari ini membantu FTSE Bursa Malaysia KLCI (FBM KLCI) berpatah arah daripada kejatuhan yang dialami pada tiga hari berturut-turut, kata peniaga.
Pada pukul 5 petang, FBM KLCI mengakhiri dagangan pada 1,526.96, naik 6.96 mata atau 0.458 peratus setelah dibuka 6.48 mata lebih tinggi pada 1,526.48.
Antara saham-saham berkaitan perladangan yang mendorong peningkatan bursa tempatan ialah Sime Darby yang mengukuh empat sen kepada RM9.24, IOI Corp menokok sesen kepada RM5.77, Batu Kawan melonjak 48 sen kepada RM16.78 dan KL Kepong yang melompat 40 sen kepada RM21.30.
Ketua Penyelidikan Runcit Affin Investment Bank, Dr Nazri Khan, berkata suasana yang lebih teguh hari ini disebabkan oleh kegiatan mencari saham murah, tetapi keadaan ini hanya sementara. "Pasaran mengalami lebihan jualan berikutan kejatuhan besar dalam tiga hari lepas," katanya kepada Bernama hari ini.
Indeks Kewangan naik 50.899 mata kepada 13,978.88, Indeks Perladangan meningkat 81.17 mata kepada 7,917.61 dan Indeks Perusahaan menambah 16.91 mata kepada 2,880.5. Indeks FBM Emas mengukuh 71.04 mata kepada 10,521.33, Indeks FBM70 melonjak 132.39 mata kepada 11,275.87.
Bagaimanapun, Indeks FBM Ace susut 9.6 mata kepada 4,240.47. Saham untung mengatasi saham rugi dengan jumlah 538 berbanding 238 manakala 263 tidak berubah, 325 tidak diniagakan dan 25 yang lain digantung urus niaga.
Jumlah dagangan mengecil kepada 1.410 bilion saham bernilai RM2.217 bilion daripada 1.420 bilion saham bernilai RM2.601 bilion semalam.
Mengungguli senarai saham-saham paling cergas ialah Ho Wah Genting yang menokok 8.5 sen kepada 64.5 sen, SAAG Consolidated tidak berubah, pada 12.5 sen dan Daya Material menambah 1.5 sen kepada 25.5 sen.
Bagi saham-saham berwajaran tinggi, Petronas Chemical naik 16 sen kepada RM6.12, Axiata dan Maybank turun sesen setiap satu.
Dalam Pasaran Utama, jumlah dagangan susut kepada 1.179 bilion saham, bernilai RM2.177 bilion daripada 1.186 bilion saham bernilai RM2.560 bilion sebelumnya.
Pasaran ACE mencatatkan peningkatan jumlah dagangan kepada 87.105 juta saham, bernilai RM8.565 juta berbanding 56.722 juta saham bernilai RM6.857 juta yang dicatatkan semalam. Waran susut jumlahnya kepada 139.501 juta saham bernilai RM28.479 juta berbanding 172.553 juta saham bernilai RM32.499 juta. - Bernama
MARKET REVIEW - Thursday, 28 January 2011
Finishing higher. The FBM KLCI rose 6.96 points to close at 1,526.96. Petronas will develop 4 marginal oilfields in the immediate term to boost Malaysia’s oil production. Perisai expects to expand its fleet of vessels by purchasing a 51% stake in Intan Offshore SB, a vessel chartering company, for RM45.24m while Bank Negara is keeping the OPR at 2.75%. Meanwhile, Sime Darby’s energy and utilities division and Mustang, a Wood Group Company, have formed Mustang Sime Darby, a JV company that will venture into the O&G industry while Benalac is proposing to buy 2 vessels for RM20.75m. Finally, the US markets closed marginally higher but crude oil price slipped USD1.69 to USD85.64/barrel.
TECHNICAL VIEW - Thursday, 27 January 2011
The FBM KLCI fell by slightly more than 20 pts at one point during yesterday’s session. Nevertheless, the index recouped more than 50% of the day’s losses and ended with only a 6.43-pt loss. As a result, a “non-classical Hammer”, which is a bullish reversal pattern, was printed on the daily chart. This is a non-classical reversal formation because the real body of the yesterday’s candlestick was represented by the 6.43-pt loss and not a positive closing. For this type of candlestick pattern, further confirmation is very important. Moreover, it looks like the “non-classical Hammer” was constructed at slightly below uptrend line 1.
At this level, it is hard to tell if the market has violated the important uptrend line which has been supporting the FBM KLCI’s rising trend since May last year. Firstly, there was an obvious attempt at a rebound yesterday and the index successfully recouped more than 50% of its losses. On the other hand, yesterday’s market action also looks like a failed rebound attempt to go above the uptrend line 1.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. It looks like the minor breakout that occurred at above uptrend 1 could potentially lead to major damage ahead. Also, we would not know if the projected uptrend line as it is portrayed in the above daily chart has been correctly drawn as this line will not be confirmed in the near future in view of the FBM KLCI’s current technical landscape.
As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias. But based on the facts mentioned above, it is still too early
to change our view.
Next support is detected at the 1,500 pt-psychological mark. Below it, look for the November low of 1,493 pt-level and the October low of 1,474 pt-level as the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
At this level, it is hard to tell if the market has violated the important uptrend line which has been supporting the FBM KLCI’s rising trend since May last year. Firstly, there was an obvious attempt at a rebound yesterday and the index successfully recouped more than 50% of its losses. On the other hand, yesterday’s market action also looks like a failed rebound attempt to go above the uptrend line 1.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. It looks like the minor breakout that occurred at above uptrend 1 could potentially lead to major damage ahead. Also, we would not know if the projected uptrend line as it is portrayed in the above daily chart has been correctly drawn as this line will not be confirmed in the near future in view of the FBM KLCI’s current technical landscape.
As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias. But based on the facts mentioned above, it is still too early
to change our view.
Next support is detected at the 1,500 pt-psychological mark. Below it, look for the November low of 1,493 pt-level and the October low of 1,474 pt-level as the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
Langgan:
Catatan (Atom)
MARKET REVIEW - Wednesday, 2 February 2011
Hanging on. The FBM KLCI lost 1.95 points to 1,519.94 points, which was well off the day’s low of 1,507.67 points, on last minute buying support. Corporate news flow includes the High Court deciding that the resolution passed at EON Capital’s EGM was deemed to be valid, Sime Darby forming an independent board for each of its divisions to raise accountability while its utilities division has formed a partnership with Mustang group to provide support services for the oil and gas industry. Latexx Partners has received a RM852m takeover offer from Navis Asia VI Management Co Ltd, translating into an offer price of RM3.10/share, MMC-Gamuda JV wins the Project Development Partner role in the MRT project and TM Bhd will invest RM427m in submarine cables. We expect our market to trade positively today, taking the cue from Dow’s strong overnight gain 148 points. We wish all our readers a Happy Lunar New Year. Gong Xi Fa Cai!
TECHNICAL REVIEW - 31 January 2011
We noted the market’s indecisiveness in the vicinity of the uptrend line 1 last Friday. The market
failed to retain the nearly 7 pts of follow-through picked up last Thursday. Instead, the index lost
slightly more than 5 pts on the last trading day of the week.
During the week’s last three sessions, the index was not only struggling at around uptrend line 1, but it was also capped below the short-term downtrend line. Hence, the “non-classical Hammer” still has yet to be confirmed. A breakout from the downtrend line would be enough to confirm the bullish reversal pattern. However, at the same time, the market is also facing great risk of retracing further as it remained pressured by the short-term downtrend line.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias view.
Next support remains at the 1,500 pt-psychological mark and below this level, the November low of 1,493 pts and the October low of 1,474 pts are the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
failed to retain the nearly 7 pts of follow-through picked up last Thursday. Instead, the index lost
slightly more than 5 pts on the last trading day of the week.
During the week’s last three sessions, the index was not only struggling at around uptrend line 1, but it was also capped below the short-term downtrend line. Hence, the “non-classical Hammer” still has yet to be confirmed. A breakout from the downtrend line would be enough to confirm the bullish reversal pattern. However, at the same time, the market is also facing great risk of retracing further as it remained pressured by the short-term downtrend line.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias view.
Next support remains at the 1,500 pt-psychological mark and below this level, the November low of 1,493 pts and the October low of 1,474 pts are the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
MARKET REVIEW - 31 January 2011
Middle Eastern jitters. The FBM KLCI closed 5.07 points lower at 1,521.9 with Tenaga, Sime Darby and Petronas Gas being the main drag. The corporate news include Genting group rumoured to be making a bid for Pan Malaysia Pools Sdn Bhd, Digi reporting a 34% y-o-y surge in 4QFY10 earnings that was largely in line with our estimates, MTD Capital directors offering to buy the toll-road assets and liabilities from MTD Prime SB and Metramac Corp SB for RM3.52bn cash and Barisan Nasional retaining the Tenang State Assembly seat by a larger majority. The US markets closed 166.1 points lower last Friday on further concerns that the unrest in Egypt could have a large contagion effect on the rest of the Middle East.
Pasaran uji paras 1,500 mata
KUALA LUMPUR 30 Jan. - Harga saham di Bursa Malaysia kemungkinan merosot pada minggu depan dengan pengukur pasaran dijangka menguji paras 1,500 mata apabila para pelabur terus berada di luar pasaran, bagi berehat semasa cuti perayaan Tahun Baru Cina.
Pasaran saham akan ditutup pada 1 Februari bagi Hari Wilayah Persekutuan dan perayaan Tahun Baru Cina pada 3 dan 4 Februari. Bursa tempatan itu akan hanya diniagakan untuk dua hari pada minggu depan.
Ketua Penyelidikan Runcit Affin Investment Bank, Dr. Nazri Khan berkata, pasaran akan terus mengukuh apabila para pelabur menjual pegangan masing-masing berikutan minggu dagangan singkat pada minggu depan.
Katanya, khabar angin mengenai langkah pengetatan fiskal oleh Bank Negara Malaysia (BNM) dengan menggunakan langkah kreatif atau langkah bukan tradisional seperti hartanah, margin dan keperluan rizab, dijangka memberi tekanan sedikit pada sentimen pasaran tempatan.
Faktor luaran yang akan terus memberikan wajaran pada sentimen pasaran pada minggu depan akan termasuk peningkatan tekanan inflasi berikutan kenaikan harga minyak dan komoditi.
Bagaimana pun, katanya asas pasaran masih kukuh.
Bagi minggu baharu berakhir, sentimen kekal menurun apabila berlaku pengambilan untung di dalam kaunter berwajaran tinggi, walau pun berlaku lantunan sederhana pada Khamis lalu yang menarik turun harga.
Kaunter perladangan dan kewangan paling teruk menerima kesan. Berasaskan Jumaat ke Jumaat, FBM KLCI merosot 25.54 mata kepada 1,521.89.
Indeks FBM Emas turun mendadak sebanyak 144.50 mata kepada 10,487.56, FBM70 melonjak 893.62 mata kepada 11,252.15 dan Indeks FBM ACE turun 19.01 mata kepada 4,252.8.
Indeks Kewangan turun 53.92 mata kepada 13,963.13, Indeks Perusahaan turun 39.50 mata kepada 2,867.53 dan Indeks Perladangan turun 203.36 mata kepada 7,887.76. Perolehan mingguan dicatatkan 7.961 bilion saham bernilai RM11.443 bilion, berbanding 7.133 bilion saham bernilai RM9.585 bilion pada minggu lepas.
Jumlah dagangan di pasaran utama meningkat kepada 6.678 bilion saham bernilai RM11.223 bilion berbanding 6.195 bilion saham bernilai RM9.382 bilion yang dicatatkan pada minggu lepas.
Bagaimana pun, jumlah dagangan pasaran ACE turun kepada 512.277 juta saham bernilai RM54.044 juta daripada 1.028 bilion saham bernilai RM47.267 juta yang dicatat pada minggu lepas.
Jumlah dagangan waran penggilan meningkat kepada 744.812 juta bernilai RM153.040 juta daripada 577.586 juta unit bernilai RM140.188 juta sebelum itu. - Bernama
Saham perladangan rangsang Bursa kukuh
KUALA LUMPUR 27 Jan - Lantunan di kaunter-kaunter perladangan dan kewangan hari ini membantu FTSE Bursa Malaysia KLCI (FBM KLCI) berpatah arah daripada kejatuhan yang dialami pada tiga hari berturut-turut, kata peniaga.
Pada pukul 5 petang, FBM KLCI mengakhiri dagangan pada 1,526.96, naik 6.96 mata atau 0.458 peratus setelah dibuka 6.48 mata lebih tinggi pada 1,526.48.
Antara saham-saham berkaitan perladangan yang mendorong peningkatan bursa tempatan ialah Sime Darby yang mengukuh empat sen kepada RM9.24, IOI Corp menokok sesen kepada RM5.77, Batu Kawan melonjak 48 sen kepada RM16.78 dan KL Kepong yang melompat 40 sen kepada RM21.30.
Ketua Penyelidikan Runcit Affin Investment Bank, Dr Nazri Khan, berkata suasana yang lebih teguh hari ini disebabkan oleh kegiatan mencari saham murah, tetapi keadaan ini hanya sementara. "Pasaran mengalami lebihan jualan berikutan kejatuhan besar dalam tiga hari lepas," katanya kepada Bernama hari ini.
Indeks Kewangan naik 50.899 mata kepada 13,978.88, Indeks Perladangan meningkat 81.17 mata kepada 7,917.61 dan Indeks Perusahaan menambah 16.91 mata kepada 2,880.5. Indeks FBM Emas mengukuh 71.04 mata kepada 10,521.33, Indeks FBM70 melonjak 132.39 mata kepada 11,275.87.
Bagaimanapun, Indeks FBM Ace susut 9.6 mata kepada 4,240.47. Saham untung mengatasi saham rugi dengan jumlah 538 berbanding 238 manakala 263 tidak berubah, 325 tidak diniagakan dan 25 yang lain digantung urus niaga.
Jumlah dagangan mengecil kepada 1.410 bilion saham bernilai RM2.217 bilion daripada 1.420 bilion saham bernilai RM2.601 bilion semalam.
Mengungguli senarai saham-saham paling cergas ialah Ho Wah Genting yang menokok 8.5 sen kepada 64.5 sen, SAAG Consolidated tidak berubah, pada 12.5 sen dan Daya Material menambah 1.5 sen kepada 25.5 sen.
Bagi saham-saham berwajaran tinggi, Petronas Chemical naik 16 sen kepada RM6.12, Axiata dan Maybank turun sesen setiap satu.
Dalam Pasaran Utama, jumlah dagangan susut kepada 1.179 bilion saham, bernilai RM2.177 bilion daripada 1.186 bilion saham bernilai RM2.560 bilion sebelumnya.
Pasaran ACE mencatatkan peningkatan jumlah dagangan kepada 87.105 juta saham, bernilai RM8.565 juta berbanding 56.722 juta saham bernilai RM6.857 juta yang dicatatkan semalam. Waran susut jumlahnya kepada 139.501 juta saham bernilai RM28.479 juta berbanding 172.553 juta saham bernilai RM32.499 juta. - Bernama
MARKET REVIEW - Thursday, 28 January 2011
Finishing higher. The FBM KLCI rose 6.96 points to close at 1,526.96. Petronas will develop 4 marginal oilfields in the immediate term to boost Malaysia’s oil production. Perisai expects to expand its fleet of vessels by purchasing a 51% stake in Intan Offshore SB, a vessel chartering company, for RM45.24m while Bank Negara is keeping the OPR at 2.75%. Meanwhile, Sime Darby’s energy and utilities division and Mustang, a Wood Group Company, have formed Mustang Sime Darby, a JV company that will venture into the O&G industry while Benalac is proposing to buy 2 vessels for RM20.75m. Finally, the US markets closed marginally higher but crude oil price slipped USD1.69 to USD85.64/barrel.
TECHNICAL VIEW - Thursday, 27 January 2011
The FBM KLCI fell by slightly more than 20 pts at one point during yesterday’s session. Nevertheless, the index recouped more than 50% of the day’s losses and ended with only a 6.43-pt loss. As a result, a “non-classical Hammer”, which is a bullish reversal pattern, was printed on the daily chart. This is a non-classical reversal formation because the real body of the yesterday’s candlestick was represented by the 6.43-pt loss and not a positive closing. For this type of candlestick pattern, further confirmation is very important. Moreover, it looks like the “non-classical Hammer” was constructed at slightly below uptrend line 1.
At this level, it is hard to tell if the market has violated the important uptrend line which has been supporting the FBM KLCI’s rising trend since May last year. Firstly, there was an obvious attempt at a rebound yesterday and the index successfully recouped more than 50% of its losses. On the other hand, yesterday’s market action also looks like a failed rebound attempt to go above the uptrend line 1.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. It looks like the minor breakout that occurred at above uptrend 1 could potentially lead to major damage ahead. Also, we would not know if the projected uptrend line as it is portrayed in the above daily chart has been correctly drawn as this line will not be confirmed in the near future in view of the FBM KLCI’s current technical landscape.
As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias. But based on the facts mentioned above, it is still too early
to change our view.
Next support is detected at the 1,500 pt-psychological mark. Below it, look for the November low of 1,493 pt-level and the October low of 1,474 pt-level as the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
At this level, it is hard to tell if the market has violated the important uptrend line which has been supporting the FBM KLCI’s rising trend since May last year. Firstly, there was an obvious attempt at a rebound yesterday and the index successfully recouped more than 50% of its losses. On the other hand, yesterday’s market action also looks like a failed rebound attempt to go above the uptrend line 1.
We will need to see the market action for the next few trading days to determine the index’s nearterm direction. It looks like the minor breakout that occurred at above uptrend 1 could potentially lead to major damage ahead. Also, we would not know if the projected uptrend line as it is portrayed in the above daily chart has been correctly drawn as this line will not be confirmed in the near future in view of the FBM KLCI’s current technical landscape.
As it looks like the index is struggling at around uptrend line 1, we are beginning to become cautious on our near-term bullish bias. But based on the facts mentioned above, it is still too early
to change our view.
Next support is detected at the 1,500 pt-psychological mark. Below it, look for the November low of 1,493 pt-level and the October low of 1,474 pt-level as the next supports. To the upside, there is immediate resistance at the 1,532 pt-level, followed by the 1,558 to 1,567-pt downside gap created last Friday.
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