Monday, March 21, 2011

Daily KLCI: A Violation Above Downtrend Line (DTL) Will Signal Further Upside.

Bursa Recap: KLCI +11.8 points to end the week 0.2% higher.
In line with the positive key Asian markets, KLCI up 0.8% to 1503.9 amid overnight Dow’s 1.4% rally, the decisive G7 Yen intervention plan and news report of better progress in containing the nuclear reactors in Fukushima Daiichi.

Sentiment was also boosted by speculation that the Sarawak state legislative assembly would be dissolved today for the election to be held in mid April.

FBM KLCI outlook: A breakout above downtrend line will spur more upside.
The local bourse is expected to retest In the DTL (1515) and 50% FR (1525) levels this week, in the wake of subsiding concerns on the nuclear crisis in Japan coupled with the improving technical landscape.

However, we could encounter another bruising ride ahead, particularly from the resumption of crude oil rally amid the rising geopolitical tensions in Libya and other parts of the Middle East.

Key support levels are 1500 and 1481 (lower Bollinger band) while upside resistance levels are situated at 1515, 1525 and 1528 (upper Bollinger band).

Daily KLCI: A Violation Above Downtrend Line (DTL) Will Signal Further Upside.
FBM KLCI 21-03-2011

Source: HLeBroking

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