Tuesday, June 14, 2011

FBM KLCI Has A Choppiness Road Ahead

Bursa Recap: KLCI tumbles 10 points amid external woes
Regional markets ended lower on fears the global recovery is losing steam, as recent weak data from US, China and Japan added to views that the global economy is slowing, while euro zone debt worries heightened risk aversion.

The ETP updates failed to contain panic selling in the local bourse, as FBM KLCI skidded 10.3 points. Lagging movers were GENTING (-30 sen to RM11.02), TENAGA (-13 sen to RM6.68), MAYBANK (-6 sen to RM8.72)and AMMB (-13 sen to RM6.36).

FBM KLCI outlook: Crucial short term uptrend line support near 50-D SMA
With the key China May CPI and US May retail reports slated for today, Bursa Malaysia is expected to take cues from overseas markets again. Following the breach of mid Bollinger band yesterday, further retracement supports are seen around 1540 (30-d SMA) and 1539 (50-d MA). A more solid support is found near lower Bollinger band (now at 1528 points). Upside resistance targets are 1566-1577 points.

The KLCI appears to be in a triangle consolidation phase since 1577 all time in Jan 2011. We still believe the triangle consolidation should be ending soon if the short term uptrend line (UTL) support is not violated.

Daily KLCI: Crucial Short Term Up-Trend-Line (UTL) Support Near 50-Days SMA
FBM KLCI 14-06-2011

Source: HLeBroking

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