Tuesday, March 29, 2011

KLCI Shows Uncertainty Rises With The Dojis Formation.

Bursa Recap: KLCI inches lower by 1.7 points to 1514.3
Regional markets ended mixed in the wake of some corporate earnings reports fell short of estimates and news that Japan struggled to contain radiation levels at its stricken nuclear plant.

Slow progress at the nuclear power plant added to investor worries over disrupted supply chains and power cuts already biting into corporate earnings.

The KLCI lost 1.3 points in a tight range bound trade of 5.5 points (1512 to 1517.5 pts).

FBM KLCI outlook: Strong resistance at 1515-1525 points
Despite numerous attempts, the KLCI is still unable to breakout decisively from the strong 1515-1525 pts overhead resistance, as negative external headlines including the protracted nuclear crisis in Japan, problems in Portugal and turmoil in the Middle East continue to haunt investors in the short term.

With the formation of Doji candlestick over the last three days, the market is likely to continue its sideways consolidation until fresh catalysts emerge ahead of the upcoming 12 April Invest Malaysia event and the 16 April Sarawak state election.

Immediate supports are 1507 (mid Bollinger band) and 1500 points.

KLCI Shows Uncertainty Rises With The Dojis Formation.
FBM KLCI 29-03-2011

Source: HLeBroking

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