Thursday, May 26, 2011

Daily KLCI Is In Triangle Consolidation

Bursa Recap: KLCI ends flat in lackluster trade
Regional markets ended mixed as concern over slowing economic growth and high inflationary pressures coupled with possible contagion effect of heightening Greek debt crisis to other heavily-indebted countries.

After climbing as much as 5.5 points, the FBM KLCI ended with a merely +1.5 points to 1533.6 as most investors remained sidelined amid the lack of market moving news. The gains were capped mainly by the sharp fall in Tenaga (-33 sen to RM6.16) in the absence of fresh positive news about a possible tariff hike.

Meanwhile, the government has decided to maintain the prices of RON95 petrol, diesel and liquefied petroleum gas for the time being after the weekly cabinet meeting.

FBM KLCI outlook: Low volume to cap strong gains ahead
Unless FBM KLCI is able to breach the 1546-1552 resistance zones with average daily volume over one billion shares, the index will likely consolidate further until fresh catalysts emerge.

Immediate supports are 1515-1525 points with a more solid floor at 1507 (6 May low). As long as the 1507 low holds, we remain positive of the FBM KLCI’s near term upside target resistance of 1552-1565 points.

Daily KLCI Is In Triangle Consolidation
FBM KLCI 26-05-2011


Source: HLeBroking

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