Major Asian bourses were weaker when compared with yesterday’s performance. Japan, Hong Kong and Singapore markets all eked up less than 1% at the end of the day.
KLCI fell into red after an hour’s trading but managed to return to black during the afternoon session. The index closed at 907.01 gained 1.94 pts. Volume increased slightly to 938 mln shares.
HwangDBS Vickers Research reversed its tone this morning and said from a momentum perspective, the positive trend on Bursa is expected to persist at least in the near term.
“Technically speaking, after breaking past 890 on heavy volume yesterday, the key Kuala Lumpur Composite Index (KLCI) may be eyeing the next resistance target of 930, possibly over the next couple of days,” it said in a research note.
The Key Indicator (Blue) of the Daily MSO Chart continued to move higher and touched the upper trend line after today’s market. The Indicator recorded at +76.96 gained 13.02 pts.
It is anticipated the Indicator will face hardship to break its previous high at 178.88 recorded on 2nd January. This is because the pulling effect of the channel will capped the Indicator once it is moving above the upper trend line. Further more, the 20-Days MAV starts to show its tiredness after so many days of hiking. Profit taking will continue to curb investor’s sentiment. (Click on Chart to view)
KLCI fell into red after an hour’s trading but managed to return to black during the afternoon session. The index closed at 907.01 gained 1.94 pts. Volume increased slightly to 938 mln shares.
HwangDBS Vickers Research reversed its tone this morning and said from a momentum perspective, the positive trend on Bursa is expected to persist at least in the near term.
“Technically speaking, after breaking past 890 on heavy volume yesterday, the key Kuala Lumpur Composite Index (KLCI) may be eyeing the next resistance target of 930, possibly over the next couple of days,” it said in a research note.
The Key Indicator (Blue) of the Daily MSO Chart continued to move higher and touched the upper trend line after today’s market. The Indicator recorded at +76.96 gained 13.02 pts.
It is anticipated the Indicator will face hardship to break its previous high at 178.88 recorded on 2nd January. This is because the pulling effect of the channel will capped the Indicator once it is moving above the upper trend line. Further more, the 20-Days MAV starts to show its tiredness after so many days of hiking. Profit taking will continue to curb investor’s sentiment. (Click on Chart to view)
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