Monday, May 30, 2011

Daily KLCI Resistance Upgraded To 1552-1565 Points

Bursa Recap: KLCI up 7.8 points to record a +0.5% weekly gain
Week-on-Week, the FBM KLCI gained 0.5% following a 7.8 points jump last Friday. The positive performance last Friday was spurred mainly by the 28 sen increase in Tenaga in anticipation of a tariff hike, as PM said the government will study the report submitted by the National Economic Council on the electricity tariff.

Trading volume increased to 965 million shares worth RM1.69 billion as compared to Thursday’s 817 million shares worth RM1.43 billion.

FBM KLCI outlook: Immediate resistance upgraded to 1552-1565 points
From a weekly low of 1525.7 pts on 24 May, the FBMKLCI rebounded to as high as 1550 points before ending at 1548.7 points last Friday, in line with our envisaged 1547-1552 resistance targets last week. With the improving technical readings, the index is slated to retest higher upside targets this week with resistance at 1552 (23.6% FR) and 1565 (April’s high) levels. A significant resistance will be the all time high of 1577.

For current uptrend to continue, the 1525 level must hold. A breach below 1525 points will trigger downside towards 1516 (lower Bollinger band) and 1507 (May’s low) points.

Daily KLCI Resistance Upgraded To 1552-1565 Points
FBM KLCI 30-05-2011

Source: HLeBroking

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