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Ahad, 9 Januari 2011

Technical View

Considering that the FBM KLCI still closed marginally higher over the last two trading days of last week after adding some 45 pts in the three successive sessions, the odds remain high that the index would able to test the resistance line of the uptrend line soon.
As we mentioned last week, we had drawn the new resistance line which is projected from the uptrend line. At this stage, the resistance line is still very much at the assumption stage, being simply a projection from uptrend line 1. This is because we would need at least three connecting points to draw a trend line but the September peak is the only point we have now.
Remember the market’s remarkable intra-day rebound last Thursday, which saw the index recoup a 10-pt loss during the session and ending with a 14.28-pt gain? A market correction which ends on the same day during a strong upward phase is what we normally view as a sign of great conviction on the market’s near-term upside momentum. As the FBM KLCI still closed below its usual 80-pt RSI overbought level last Friday, this means the door is still open for additional gains. Moreover, there is room for the index to charge forward before reaching the resistance line.
Needless to say, the near-term technical outlook of the FBM KLCI is firmly bullish as it is now trading at its historic high and continues to trend higher within the uptrend channel.
From the current level, last Friday’s intra-day high of 1,572 pts is still the immediate resistance. To the downside, continue to look for immediate support at the 1,551 pt-level, followed by the 1,532 ptlevel. 

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