Consolidating Last Week’s Strong Gains
In our previous analysis, we mentioned that last Thursday’s “Long White Day” has more or less confirmed the non-classical “Hammer”. Finally, another round of rally which occurred last Friday completely erased the bearish sentiment seen two weeks ago.
The bulls can now once again look to the 1,655 historic high as the next upside resistance. Nonetheless, since the FBM KLCI has already gone up by about 40 pts over the last four trading days, there is a possibility that the index will start taking a breather, as the consolidation of last week’s gains may have already taken place yesterday.
The near-term technical outlook of the FBM KLCI remains firmly bullish. Its daily RSI is now trading at around the 50-pt
neutral zone, offering scope for additional gains in the near future. In addition, the index has been rebounding on steady rising volume, which is a healthy sign for the current upward momentum.
The 1,655-pt historic high is the remaining resistance to be challenged. To the downside, look for an immediate strong
support at the 1,628-1,643 pts area. Additional supports can be found at the midpoint of last Thursday’s “Long White Day” at 1,620-pt level, followed by the opening of the candlestick pattern at 1,612-pt level.
The bulls can now once again look to the 1,655 historic high as the next upside resistance. Nonetheless, since the FBM KLCI has already gone up by about 40 pts over the last four trading days, there is a possibility that the index will start taking a breather, as the consolidation of last week’s gains may have already taken place yesterday.
The near-term technical outlook of the FBM KLCI remains firmly bullish. Its daily RSI is now trading at around the 50-pt
neutral zone, offering scope for additional gains in the near future. In addition, the index has been rebounding on steady rising volume, which is a healthy sign for the current upward momentum.
The 1,655-pt historic high is the remaining resistance to be challenged. To the downside, look for an immediate strong
support at the 1,628-1,643 pts area. Additional supports can be found at the midpoint of last Thursday’s “Long White Day” at 1,620-pt level, followed by the opening of the candlestick pattern at 1,612-pt level.
Source: OSK
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