Thursday, July 14, 2011

KLCI Has More Sideways Consolidation Due To Lack Of Catalyst

Bursa Recap: KLCI ends flat
Asian markets ended mixed as investors were cautious after Moody's warned that the US$ top notch credit rating is under review for a downgrade. Tracking lethargic regional bourses, the FBM KLCI closed 0.8-point lower at 1579.8.

Market breadth was negative with 429 losers and 257 gainers, while volume fell to 713 million shares valued at RM1.37 billion from 843 million shares valued at RM1.55 billion on Wednesday.

FBM KLCI Outlook: More sideways consolidation
In the wake of no meaningful leads, we continue to expect more thin volume sideways consolidation. Longer term outlook remains positive as uptrend line is intact. Upside target remains at the 1610-20 zones.

After breaching the 10-d SMA of 1585 points, the next support levels are 1575 (mid Bollinger band) and 1568 (30-d SMA), which must hold to prevent further dip towards critical uptrend line support near 1560.

Daily KLCI Is Trap In Sideways Consolidation
FBM KLCI 15-07-2011


Source: HLeBroking

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