Little has changed on the FBM KLCI’s technical landscape since our update two days ago. The index is still stuck within the recent trading band ranging from the recent low of 1,517 pts to our immediate resistance at 1,544 pts. Also, this trading band lies somewhere between the recent rally from the low of about 1,474 pts to the recent peak of 1,565. Hence, we can consider the recent market consolidation as being healthy.
A breakout or breakdown from the recent range should be able to give us a hint of the stock’s immediate market direction. A breakout from the 1,544 pt-level will see a continuation of the rebound starting from the key low of 1,474 pts. On the other hand, a break below 1,517 pts will raise the risk of another attempt to test the 1,474 pt-level.
We will maintain our bullish view on the near-term market until the 1,474 pt-level is violated. Immediate support is still seen at 1,517 pts, while the 1,500-pt psychological mark would be the next support. To the upside, there is immediate resistance at the 1,544 pt-level, followed by 1,565 pts, and the historic high of 1,577 pts.
A breakout or breakdown from the recent range should be able to give us a hint of the stock’s immediate market direction. A breakout from the 1,544 pt-level will see a continuation of the rebound starting from the key low of 1,474 pts. On the other hand, a break below 1,517 pts will raise the risk of another attempt to test the 1,474 pt-level.
We will maintain our bullish view on the near-term market until the 1,474 pt-level is violated. Immediate support is still seen at 1,517 pts, while the 1,500-pt psychological mark would be the next support. To the upside, there is immediate resistance at the 1,544 pt-level, followed by 1,565 pts, and the historic high of 1,577 pts.
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