Despite numerous attempts, the FBMKLCI failed to swing past its previous high of 1,576.95. This further reinforces our view that the market may has already topped at this juncture. A break below its 30-day SMA (now at 1,535) would likely confirm the reversal. Coincidently, this support is also close to the support trend line drawn from its May10 low. Looking at the chart, a slip below its 50-day SMA would trigger greater selling pressure, forcing the benchmark towards 1,474 level. On the upside, prices are likely capped at 1,560-1.576 range.
No comments:
Post a Comment