Monday, July 4, 2011

FBM KLCI Short Term Uptrend Remains Intact If KLCI Stays Above 1560 Points

Bursa Recap: KLCI ends flat after testing new high at 1590
Asian stocks rose as upbeat U.S. ISM data and easing of concerns over Greek debt crisis pushed investors to prolong last week’s relief rally. However, early strong gains subsided after S&P said current French plans to roll over Greek debt held by private banks would likely constitute a "selective default", increasing uncertainty over the structure of a future debt deal.

The FBM KLCI lost 0.6 pt after hitting a new all time high near 1590 points (within our envisaged resistance of 1590-1560 levels). Volume eased 2% to 729 million shares worth RM1.38 billion while market breadth was negative with 333 gainers versus 453 losers.

FBM KLCI outlook: Short term uptrend remains intact
Despite an overbought slow stochastic reading and the Bersih rally on 9 July, we reiterate our short term bullish view of KLCI to test the 1590-1600 points, with key immediate supports at 1570 (10-d SMA) and 1560 (uptrend line support).

PM’s update on the ETP today and the Jul 8 ground breaking event for the RM50 billion MRT project should provide some buffer in the event of short term profit taking consolidations.

Daily KLCI Short Term Uptrend Remains Intact If Index Stays Above 1560 Up-Trend-Line(UTL)
FBM KLCI 05-07-2011


Source: HLeBroking

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
 
Business