Monday, August 1, 2011

KLCI Relief Rally Is Likely To Continue On Optimism Of U.S. Debt Deal Approval Today

Bursa Recap: KLCI jumps 9.2 points along with regional bourses
Asian markets closed higher as investors breathed a sigh of relieve after US congressional leaders have agreed to raise the debt limit and cut government spending to avoid a potentially disastrous default.

The FBM KLCI snapped its three-day losing streak with a 0.6% gain to 1558.01, lifted by index-linked counters i.e. CIMB (+15 sen to RM8.42), MAYBANK (+8 sen to RM8.84), PETCHEM (+13 sen to RM6.98), TENAGA (+8 sen to RM6.21) and GENTING (+10 sen to RM10.92).

FBM KLCI Outlook: Relief rally likely to continue
We believe U.S. lawmakers are sensible and realistic to make a breakthrough at the end of the 2 Aug deadline, considering the huge political backlash and economic repercussions should the unthinkable happen.

As KLCI is still holding above 1545 (100-d SMA), immediate uptrend is still very much alive as long as the key supports at the 1536 (50% FR from 1474 to 15987) and 1529 (200-d SMA) are intact. A resumption of the uptrend to retest all time high of 1597 points will be more apparent when the FBM KLCI overcomes 1562 (50-d SMA) and 1571 (30-d SMA) levels.

Daily KLCI: Sign Of Bottoming Up Amid The Formation Of Breakaway Candle And Oversold Indicators
FBM KLCI 02-08-2011

Source: HLeBroking

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...