Wednesday, July 27, 2011

Daily KLCI Is Building Its Base Near Lower Bollinger Band

Bursa Recap KLCI drops 3.6 points in line with regional fall
Regional markets ended lower as U.S. debt worries maintained their grip on investors as the 2 Aug deadline looming.

On Bursa Malaysia, the FBM KLCI lost 3.6 points 1558.2. Gainers edged losers by 383 to 320 while lagging movers were PETCHEM (-9 sen to RM6.92), GENM (-9 sen to RM3.72), TENAGA (-5 sen to RM6.10), PETGAS (-19 sen to RM13.38) and HLBANK (-20 sen to RM13.50).

FBM KLCI Outlook: KLCI: Wild swings ahead
Ahead of the 2 Aug deadline, equity markets will remain on the back foot as the U.S. debt impasse continues to dominate the agenda. Market tone and trading momentum should stay cautious pending a more definite resolution.

In the wake of overnight Dow’s plunge and the violation of 10-d (1565), 30-d (1571) and 50-d (1562) SMAs, there is greater pressure now that KLCI may retest last week’s low of 1552 points, and exert more selling force towards 1543 points and 1536 (50% FR from 1474-1597) points.

Upside resistance levels are 1565, 1571 and 1575 (mid Bollinger band). A breakout above these levels will likely spur index to test 1598 points (upper Bollinger band).

Daily KLCI Is Building Its Base Near Lower Bollinger Band
FBM KLCI 28-07-2011

Source: HLeBroking

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