FBM KLCI Technical View: Still Above Key Lows by OSK
Trading on the local bourse yesterday was lackluster for the entire session. Although the FBM KLCI did not rebound following Monday’s rather impressive intra-day rebound, the key index also did not violate Monday’s intra-day low. The market ended a leg above the three recent key lows, as is highlighted in the above daily chart.
As the market continued to show strong desire to stay above the 1,320 pt-level and the key index has maintained its posture at above the previous three key lows, we maintain our bullish bias view towards the market’s near-term technical outlook. The current weakness experienced by the equity market would only start to worry us if the FBM KLCI dipped below the previous three key lows.
Immediate resistance is still seen at the 1,340-1,347 pt-area followed by the recent-high of 1,349.92 pts. To the downside, initial support is now seen at Monday’s intra-day low of 1326.96 pts, followed by the 1,315 pt-level and the 1,300 pt-level.