Support : 1570,1554 Resistance : 1609,1618. Bias : Upside
The cautious stance will still be a feature with the market likely to trend sideways near the 1600 level as well as to build up a base. As long as the candles track the moving averages, the trend will sustain with supports placed at 1570 and 1554. The main resistance is still the 1609 level.
below: FBM KLCI Weekly chart (click to enlarge)
COMMENTARY
Rebound continues … The market’s rebound continued on Friday, but remains unconvincing. Despite the key index springing up by some ten points, the gains were frittered away as the day progressed. KLCCP, which was mulling a REIT for its property assets, was the highlight of the day, rising as much as 62 sen, before settling with a 34 sen gain at close.
Still showing hesitating signs… Although the recovery resumed, it remains tepid and therefore unconvincing. However, it would seem that the index is attempting to find a
support.
by Mercury Securities