Tuesday, June 21, 2011

FBM KLCI Outlook: To Test Triangle Breakout

Bursa Recap: KLCI down 4.2 points, tracking regional markets decline
FBM KLCI slipped 4.2 points to 1559.2, in line with losses in regional markets after euro zone finance ministers delayed a final decision on extending emergency loans to debt-stricken Greece. Sentiment was also dampened by worries of high inflation, slowing growth and continued tightening in the 2H2011.

Losers beat gainers by 484 to 290 while volume and value were down 10% and 37%, respectively to 840 million shares valued at l.4 billion.

FBM KLCI outlook: To Test triangle breakout
Despite facing overseas headwinds, the ability of KLCI to defend the 10-d (1553), 30-d (1545) and 50-d (1539) SMAs supports bode well to stage a potential triangle breakout soon.

Overall, if the triangular breakout is successful (on high volume), the FBM KLCI is envisaged to re-challenge the 1566 (May’s high) and all time high of 1577 resistance zones, followed by 1600 psychological barrier and 1650 points (weekly chart uptrend line from Mar 2009).

Daily KLCI Is Still Positive Of A Potential Triangle Breakout Soon
FBM KLCI 21-06-2011

Source: HLeBroking

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...