Thursday, December 1, 2011

KLCI Is Having More Sideways Trading After Surging 54 Points In 3 Days

Bursa Recap: KLCI up 13.2 points, off day high of +30 points
Despite easing China’s Nov PMI to 49 from 50.4 in October, Asian markets surged after the world's six major central banks moved to tame a liquidity crunch for European banks by providing cheaper dollar funding, along with monetary easing in China.

Tracking the strong Asian markets, FBM KLCI closed 13.2 points higher at 1485.3, off intra-day high of 1,502.5 (+30.4 points). Leading movers were IOICORP (+17 sen to RM5.18), PBBANK (+20 sen to RM12.74), PETCHEM (+18 sen to RM6.17), MAYBANK (+9 sen to RM8.39) and DIGI (+8 sen to RM3.60).

FBM KLCI Outlook: More sideways trading after surging 54 points in 3 days
On the backdrop of a 3-day 54 points jump and a gravestone Doji formation yesterday, KLCI is likely to encounter more profit taking activities ahead but any selling pressures are likely to be well-absorbed as technical indicators remain positive.

As long as the KLCI is able to maintain its posture above the uptrend line support near 1440 points, we remain short term positive on KLCI. Immediate resistance remain at 200-d SMA (now at 1504) whilst supports are situated at 100-d SMA (1474 points), 1463 (mid Bollinger band) and 50% FR (1454).

Daily KLCI Is Having More Sideways Amid A Gravestone Doji Formation
FBM KLCI 02-11-2011

Source: HLIB Research

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