Thursday, August 4, 2011

KLCI Critical Support At 1530 And 1500 Amid Dow Jones’Overnight 4.3% Carnage

Bursa Recap: KLCI inches up 1.8 points despite falling regional bourses
Asian markets were in red amid fears of weakening global economic outlook following poor economic data from the U.S. and persistent European sovereign debt crisis.

Bucking regional market downtrend, the FBM KLCI inched up only 1.8 points to 1546.9 after climbing as much as 7.8 points in line with the tepid overall sentiment at regional bourses. Leading movers were PETCHEM (+12 sen to RM6.91), GENM (+8 sen to RM3.77), MAYBANK (+4 sen to RM8.85), CIMB (+3 sen to RM8.40) and PBBANK (+4 sen to RM13.44).

FBM KLCI Outlook: Defending the 1500 psychological support
In the absence of positive domestic catalysts and the 4.3% plunge on Dow overnight, near term FBM KLCI outlook has turned bearish. In anticipation of panic selling, the immediate 200-d SMA (1530) support is likely to be tested, followed by the crucial 1500 psychological level. Failing to defend the 1500 will drive the KLCI to retest 2011’s low around 1470 points.

A breakdown below 1470 will will send the index to retest lower supports of 1456 (38.2% FR) and 1413 (50% FR).

Daily KLCI: A Breakdown Below Crucial Neckline Support Of 1470 Point Will Drive Index Lower To 1456 (38.2% FR) And 1413 (50% FR) Levels.
FBM KLCI 05-08-2011

Source: HLeBroking

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