Friday, July 1, 2011

FBM KLCI Is Testing 1560-1600 Levels After Bullish Breakout

Bursa Recap: KLCI hits another new high at 1579, gaining 1.3% mom
Asian stocks headed for its highest close in a month, amid mid-year window dressing activities and easing concern about a banking crisis after Greece passed austerity measures and German financial institutions pushed toward an agreement to roll over Greek debt holdings.

In line with the positive trend, the FBM KLCI hit another new high at 1579, led by PBBANK (+6 sen to RM13.30), HLBANK (+28 sen to RM13.38), GENM (+6 sen to RM3.60), DIGI (+22 sen to RM29.04) and GENTING (+4 sen to RM11.22).

Overall, the KCLI gained 1.3% in June (May: 1.5%) and 2.2% in 2Q (1Q: 1.7%).

FBM KLCI outlook: Eyeing 1560-1600 resistance zones
Following the bullish breakout of its triangle and accompanied by improving technical readings, we continue to believe that the FBM KLCI is likely to test new highs towards the 1590-1600 territory.

Key support levels are situated around 1567 (10-d SMA), 30-d SMA (1554) and 50-d SMA (1545).

As long as the index is able to retain its posture above these levels in the event of profit taking activities, the current short to medium rally will remain intact.

Daily KLCI Is Targeting 1590-1600 Levels After Bullish Breakout
FBM KLCI 01-07-2011

Source: HLeBroking

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