Wednesday, April 20, 2011

FBM KLCI Is Looking Bullish Again On Strong Overseas Markets

Bursa Recap: KLCI up 9.5 points, driven by positive Dow and regional markets
The FBM KLCI jumped 9.5 pts or 0.6% to close at intraday high of 1530.1 points, in line with solid gains on regional markets, sparked by overnight rally on Dow amid strong corporate earnings and housing data.

Gainers led losers by 473 to 288 while daily volume and value soared 22% and 30% to 1.29bn shares worth RM1.81 billion, respectively.

FBM KLCI outlook: Looking bullish again on strong overseas markets.
Given the overnight splendid performance by Dow, the FBM KLCI is poised to open higher and test major breakouts of key resistance levels of 1535 (mid Bollinger band) and 1538 (38.2% FR), followed by 1552 (23.6% FR). If these are broken, we
expect the KLCI to revisit historical high of 1577 points.

Technical readings have also improved as RSI, MACD and slow Stochastics are hooking up again. Major support levels are 1525 (50% FR), 1513 (61.8% FR) and 1500.

The rally may take a pause if oil prices overshoot US$120/barrel.

Daily KLCI Shows Signs Of Strong Turn Around Amid Rising 5-Days SMA, Slow Stochastics And MACD.
FBM KLCI 21-04-2011

Source: HLeBroking

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