P U A B U M I
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Alamat Pusat Latihan PUABUMI
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Isnin, 28 November 2011
Selasa, 22 November 2011
Khamis, 17 November 2011
Sabtu, 12 Mac 2011
Jumaat, 11 Mac 2011
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.
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.
Market Review
Higher closing. The FBM KLCI rose 3.84 points to close at 1,572.21 on Friday. Meanwhile, Johor Corp is considering selling various assets, including some landbank, properties and plantation assets to partly repay its current RM3.6bn debt, which is due for repayment in July 2011 while Hap Seng Consolidated Bhd is proposing a renounceable rights issue, bonus issue and private placement to raise funds for capital expenditure requirements, corporate purposes and additional working capital. QSR Brands Bhd will be investing over RM40m to expand its restaurant outlets this year while VTI Vintage Bhd has been awarded a RM26.5m contract by Billion Edge SB to undertake building and infrastructure works in Negeri Sembilan. According to Bank Negara, Malaysia’s international reserves amounted to US$106.5bn on 31 Dec 2010. Finally, both the US markets and crude oil price ended marginally lower on Friday as the USD strengthened slightly on growing signs of a recovery of the US economy.
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