Friday, May 27, 2011

KLCI Immediate Resistance At 1547-1552 Points

Bursa Recap: KLCI up 7.4 points to record its 3rd straight gains
Key Asian bourses KOSPI (+2.8%), Australia (+1.7%) and NIKKEI (+1.5%) ended higher, as an overnight rebound on Wall St and recovery in commodities lured buyers back to resource-related stocks and bargain-hunters picked up blue chips.

In the absence of petrol and tariff hikes and strong regional markets rebound, the FBM KLCI ended 7.4 pts higher to 1540.9, driven by bargain hunting in selected heavyweights such as TENAGA (+14 sen to RM6.30), GENTING (+16 sen to RM11.10), YTL (+6 sen to RM1.62), SIME (+5 sen to RM9.11) and MAYBANK (+4 sen to RM8.83).

FBM KLCI outlook: Immediate resistance remains at 1547-1552 points
From a weekly low of 1525.7 on 24 May, the FBM KLCI rebounded to as high as 1543.6 before ending at 1540.9 yesterday, thanks to buying support on selected blue chips.

As the FBM KLCI is steadily consolidating above 50% FR (1525), 30-d SMA (1531) and 50-d SMA (1529), the index is poised for a rebound to retest the critical 1547-1552 resistance. Nevertheless, trading volume remained weak around 830m shares/day, suggesting lack of conviction.

We reiterate that a breakout at this congested zones with higher average daily volume of one billion shares or more will augur well for more sustainable rally towards higher tough overhead barrier at 1565 (April’s high) and 1577 (all time high) points.

KLCI Immediate Resistance At 1547-1552 Points
FBM KLCI 27-05-2011


Source: HLeBroking

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