The FBMKLCI hit the first resistance trend line of the uptrend channel yesterday. It appears that the bears were strong here. Selling pressure set in after prices swung to an intraday high of 1,565.04 in the early going. We think a pullback is likely, but the benchmark should resume its upward trend once this consolidation is over. The following resistance is at the 1,577 high. However, bear in mind that our bullish sentiment would be negated if prices fall below the 1,550 support. The next support level is at its 50-day SMA at 1,518.
No comments:
Post a Comment