Tuesday, March 15, 2011

FBM KLCI Is Building Base Around The Lower Bollinger Band.

FBM KLCI Recap: KLCI ends flat after falling as much as 15 points
Asian markets ended mixed after falling sharply in the morning sessions following the 6.2% plunge on Nikkei, as investors digested details of the full impact of Mar 11’s earthquake and tsunami as well as its effect on the nuclear power plant in Japan.

After tumbling as much as 15 points in the morning session, the FBM KLCI managed to recoup losses to close 0.3-point lower at 1495.4. As investors remained sidelines due to the skittish sentiment, trading volume decreased to 802 million shares worth RM1.18 billion against Friday’s 1.02 billion shares worth RM1.85 billion. Market breadth was negative with 308 gainers vs. 352 losers.

FBM KLCI Outlook:Sideways consolidation to prevail
On top of the nagging Mideast geopolitical crisis and renewed Eurozone sovereign debts issues, investors struggled to assess the financial fallout of Japan’s earthquake, tsunami and nuclear incidents. Hence, investors are likely to remain sideline until clearer picture surfaces.

Technically, the momentum and trend indicators have turned bearish and the index will continue to consolidate sideways, with immediate supports at lower Bollinger band and the recent low of 1474 points. Immediate upside targets are 1500, 1507 (mid Bollinger band), 1512 (30-d SMA and 1525 (50% FR).

FBM KLCI Is Building Base Around The Lower Bollinger Band.
FBM KLCI 15-03-2011

Source: HLeBroking

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