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Monday, September 7, 2009

Weekly FBM KLCI Technical Perspective
















From a technical perspective, a tentative breakout near the apex of a mini-triangle shape was spotted last week. If the momentum carries on, the FBM KLCI – in a consolidation phase for three weeks already – will be in a position to resume its uptrend, guided by the two parallel trend lines bordering the rising channel. (The triangle is usually considered a continuation pattern in the study of technical analysis). A positive bias should then lift the benchmark index to overcome the immediate resistance mark of 1,190 and surpass its recent high of 1,196.46 (in mid-Aug). Beyond that, the FBM KLCI will probably be eager to challenge the next resistance target of 1,230. On the downside, given the experience of short and shallow market pullbacks in the past 5½ months, we reckon the index performance will be defended by support levels of 1,160 (first) and 1,125 (second) going forward.

Report From HWangDBS

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