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Bursa Malaysia Blue Chips Firm on 2014 1Q Window-Dressing

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FBM KLCI Resistance at 1,840, Next at 1,860 BUY Axiata & Genting Bhd for Rebound Blue chips on Bursa Malaysia rose on Monday, copying regional strength after a weak factory survey  in  China  fueled  speculation  the  country  will adopt  stimulus  measures  to  boost  the economy. The KLCI rose 13.37 points to close near session highs at 1,833.85, off an early low of  1,821.03,  as  gainers  led  losers  428  to 370  on  active  trade  totaling  1.94bn  shares worth RM2.01bn.

Resistance at 1,840, Next at 1,860
While blue chips should stay buoyant on 1Q window-dressing activity, lower liners and small caps  are  likely  to  remain  in  consolidation  amid  slower  trading  momentum.  Immediate resistance for the index stays at the upper Bollinger band leveling at 1,840, while 1,860, the 123.6% Fibonacci Projection (FP), will be next stronger hurdle, followed by the all-time high of  1,882.  Immediate  support  remains  at  the  recent  low  of  1,802,  while  1,797,  the …