Wednesday, September 14, 2011

FBM KLCI: Major Supports At 1410-1423 To Prevent Further Slump

Bursa Recap: KLCI down 10.4 points, a new YTD low
FBN KLCI ended 10.4 points lower, tracking regional bourses decline amid mounting fears that Greece could soon default as well as persistent signs that foreign funds were leaving the Asian region. The KLCI jumped as much as 7 points in the early sessions on hopes China may provide support to the euro-zone economy, but buyers stayed cautious on persistent concerns over the health of the US and European economies, as well as ahead of long holiday weekend due to Malaysia Day holiday (16 September).

Meanwhile, continuous foreign selling and flight to safety (into US$) saw the Ringgit ended 0.8% lower at RM3.078/US$. The Ringgit had plunged 5.4% from as high as RM2.92 on 9 August.

FBM KLCI Outlook: Major supports at 1410-1423 points
Against external uncertainty and ahead of the 16 September Malaysia Day holiday, overall trading volume will remain lackluster despite an overnight bounce on Dow.

KLCI is still facing downside risks with no signs of a trend reversal yet, unless it could convincingly breakout two immediate major resistances at 10-d SMA (1457) and mid Bollinger band (1470). Further tough resistance levels are 30-d SMA (1484) and upper Bollinger band (1507). Major supports are lower Bollinger band (1432), 1423 (YTD low) and 1410 (50% FR).

Daily KLCI: Crucial Supports At 1423 (YTD Low) And 1410 (50% FR) To Prevent Further Selldown
FBM KLCI 15-09-2011

Source: HLeBroking

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