Thursday, February 16, 2012

1550 Crucial Support Level For KLCI

Bursa Recap: KLCI tumbles nearly 11 points amid regional fall
Asian markets were in red amid news that Moody’s may cut the credit ratings of 17 global and 114 European financial institutions as the Eurozone government debt crisis is spreading throughout the global financial systems. Investors are also frustrated amid the deadlock in cementing a crucial bailout for stricken Greece.

Tracking regional losses, KLCI tumbled 10.8 points to 1550.5, led by blue chips i.e. TENAGA (-13 sen to RM6.00), PBBANK (-12 sen to RM13.64), DIGI (-6 sen to RM4.10), SIME (-7 sen to RM9.54) and KLK (-58 sen to RM24.80).

FBM KLCI Outlook: 1550 Crucial Support Level
Overnight Dow Jones’ rally is expected to lift our market to stay above the crucial 1550 psychological support. This level is crucial for sustainability as a close below would likely confirm the reversal and send the index back towards lower supports near 14-d SMA (1542), mid Bollinger band (1535) and 30-d SMA or uptrend line
at 1529.

Immediate resistance levels are situated at 7-d SMA (1560), 15 February’s high of 1567 and upper Bollinger band (1574).

Daily KLCI - Downside Risk Increases But Should Be Well-Supported Near Uptrend Line Near 30-Days SMA
FBM KLCI 17-02-2012

Source: HLIB Research

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