Wednesday, March 30, 2011

KLCI Heading Towards 1538-1552 Resistance Targets

Bursa Recap KLCI rises 0.8% or 11.5 points to 7-week high

Asian markets ended higher, driven by news of possible scraping of all reactors at the Fukushima Daiichi nuclear plant, more signs of strengthening US economy and anticipating more job creations ahead of the March ADP Employment and nonfarm payroll data.

The KLCI also up 11.5 points to 1531.6 on extended gains by heavyweights and renewed buying interests in lower liners.

FBM KLCI outlook: Heading towards 1538-1552 resistance targets.

Since the 11 March’s Japan’s earthquake and nuclear crisis, the FBM KLCI has been steadily consolidating upwards despite prevailing uncertainties in the global markets.

Technically, indicators are trending upward while investors are anticipating more fresh catalysts will emerge during the upcoming 12 April Invest Malaysia and the 16 April Sarawak state election.

With higher trading volume amid the revival of rotational plays and lower liners and the strong breakouts of downtrend line (DTL) and overhead neckline resistance, the index is slated to test the 1538-1552 resistance targets.

Immediate supports levels are situated around 1510 (mid Bollinger band) and 1500 psychological barrier.

Daily KLCI To Retest 1538-1552 Zones Following The Convincing Breakout Above The Down-Trend-Line (DTL) And NeckLine Resistance.
FBM KLCI 31-03-2011

Source: HLeBroking

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