Tuesday, June 7, 2011

KLCI Is In Sideways Consolidation Ahead Of More Fresh Leads

Bursa Recap: KLCI ends flat with slight improvement in sentiment
Asian markets ended mixed ahead of Bernanke’s speech by awaiting any clues on monetary policy and economic outlook. In line with the cautious regional markets, FBM KLCI was traded within a range of 4.75 points between an intra-day high of 1553.1 and a low of 1548.3 but ended flat at 1551.9 (-0.25 point).

Broader market sentiment improved slightly as trading volume increased to 706 million shares worth RM1.34 billion as compared to Monday’s 635 million shares worth RM973 million whilst market breadth was positive with 428 gainers as compared to 297 losers.

FBM KLCI outlook: KLCI is Awaiting for fresh leads
Given the external uncertainties and lack of fresh catalysts, the FBM KLCI will continue its tight range bound trade for a while. However, overall market tone will remain firm as expectation of continued strength in the private investments, acceleration of ETP projects and speculation of a snap election by end 2011 would help to buffer spillover impact to the broad market.

Immediate support rests at the 10-day SMA (now at 1550), with better retracement supports at 1543 (mid Bollinger band) and 1537 (50-d SMA). Upside targets remain at 1566-1577 levels.

Daily KLCI: Hovering Within The 10-Days SMA and 50-Days SMA
FBM KLCI 08-06-2011


Source: HLeBroking

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
 
Business