After the FBM KLCI rebounded 5.4-pts last Thursday, the index gapped up another 5.3-pts at the opening last Friday. However, right after gapping higher that day, the 1,544-pt resistance level or the resistance line of the identified trading range capped its upside and it eventually ended the day relatively flat. And yesterday, the index continued to experienced weakness for the whole session.
It looks like the index will remain stuck in between the 1,517 pt-level and the 1,544 pt-level for a while, probably for the rest of the week. As mentioned many times previously, a break above the 1,544 pt-level is needed for a continuation of the rebound starting from the key low of 1,474 pts.
Anyhow, 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, immediate resistance still lies at the 1,544 pt-level, followed by 1,565 pts, and the historic high of 1,577 pts.
It looks like the index will remain stuck in between the 1,517 pt-level and the 1,544 pt-level for a while, probably for the rest of the week. As mentioned many times previously, a break above the 1,544 pt-level is needed for a continuation of the rebound starting from the key low of 1,474 pts.
Anyhow, 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, immediate resistance still lies at the 1,544 pt-level, followed by 1,565 pts, and the historic high of 1,577 pts.
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