Tuesday, June 21, 2011

KLCI To Re-challenge 1566-1577 Resistance Levels

Bursa Recap: KLCI inches up 1.6 points, tracking regional markets rally
Asian markets were positive amid expectations that the euro zone will avoid a messy default of Greek sovereign debt and investors are hopeful that Greek Prime Minister will survive in a parliamentary confidence vote.

In line with the optimism, the FBM KLCI gained 1.6 pts to 1560.8, led by PETCHEM (+6 sen to RM7.08), IOICORP (+3 sen to RM5.31), GENTING (+4 sen to RM10.90), PBBANK (+2 sen to RM13.20) and HLFG (+20 sen to RM13.20).

FBM KLCI outlook: Awaiting a triangle breakout soon
We reiterate that the FBM KLCI is likely to challenge a triangle breakout soon despite facing overseas headwinds. 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).

Immediate support levels are situated around 10-d SMA (1554), 30-d SMA (1547) and 50-d SMA (1539).

KLCI To Challenge Triangle Breakout
FBM KLCI 22-06-2011


Source: HLeBroking

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