Friday, April 1, 2011

Profit Taking May Cap Further Rally Beyond 1552 Points

Bursa Recap: KLCI +13.5 points to 1545, gaining 3.6% month-on-month and 1.7% quarter-on-quarter.
Underpinned by 1Q11 window dressing activities and overnight gains on Dow due to positive optimism on strengthening US economy, KLCI jumped 13.4 points to 1545.

Leading movers were GENTING (+42 sen to RM11.04), TENAGA (+19 sen to RM6.25), IOICORP (+7 sen to RM5.76), PETDAG (+90 sen to RM16.50) and GENM (+8 sen to RM3.68).

However, market breadth was negative with 391 gainers against 481 losers as investors took profits following the 31 points surge in three days.

FBM KLCI outlook: Profit taking may cap further rally beyond 1552 points
The local bourse performed commendably since the 11 March’s Japan’s earthquake and nuclear crisis as well as lingering uncertainties in the Euro debt markets.

Technically, with the rounding bottom formation, the KLCI is likely to test the immediate resistance of 1552 but profit taking activities may cap the upside beyond that.

Other resistance levels are 1560 and 1577 whilst support levels are situated around 1538, 1530 and 1525.

Daily KLCI: A Rounding Bottom Bodes Well For The Index To Retest The Next Resistance At 1552.
FBM KLCI 01-04-2011


Source: HLeBroking

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