Tuesday, August 9, 2011

FBM KLCI Has Turbulent Times Ahead

Bursa Recap: KLCI tumbles 27 points, losing 50 points in two days
Despite efforts by global policymakers to stem a collapse in investor confidence, Asian bourses crashed as fears of recession in U.S., a downgrade of the U.S. credit rating by S&P and Europe's debt woes combined to pummel financial markets.

Tracking the routs in TWSE (-3.82%), KOSPI (-3.82%) and SHCOMP (-3.79%), FBM KLCI plunged as much as 48 points to 1476 before paring down its losses to 27.4 pts or 1.8% at 1497. The KLCI has now lost 6.3% from 52-wk high and 1.4% YTD

FBM KLCI Outlook: Turbulent times ahead
With Dow Jones’ overnight 5.5% plunge, we may witness another panic selldown on the regional markets and Bursa Malaysia today. Realistically speaking, it will take time for sentiment to pick up again following the latest rounds of global equities meltdown until workable measures from the governments or central bankers of these troubled nations.

Technically, critical support is the 1470 points level. Failing to defend the 1470 points will spur further downside to 1457 (38.2% FR) and 1413 (50% FR). Any technical rebound due to extremely oversold markets will be capped at 1500 with next resistance levels are 1531, 1547 (100-d SMA), 1550 (38.2% FR) and 1561 (mid Bollinger band).

Daily KLCI Near Term Supports At 1412-1457 If The Lifeline Support Of 1470 Points Is Broken
FBM KLCI 09-08-2011

Daily KLCI Crucial Lifeline Support At 1470 points
FBM KLCI 09-08-2011a

Source: HLeBroking

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...