Tuesday, February 7, 2012

KLCI To Retest 1550 Zones After The 1530 Breakout

Bursa Recap: KLCI inched 1.7 points ahead of long holiday break
The SHCOMP tumbled 1.7% yesterday to lead most major Asian markets down as investors were disappointed by lack of monetary policy easing. Sentiment was also bruised amid slow progress in Greek debt talks.

Last Friday, KLCI inched up 1.7 points to end at 1538.9 ahead of the extended long holidays on 6 & 7 Feb for the Birthday of Prophet Muhammad and Thaipusam. WoW, KLCI rose 17.9 points or 1.2% wow to stage a bullish breakout to a fresh 7-month high.

FBM KLCI Outlook: To retest 1550 zones after the 1530 breakout
As KLCI continued to stay decisively above major SMAs support levels, it is poised to unfold a follow-through rebound. Following last week’s rally that partially filled the large gap of 1,529-1,546 points, the index may continue its ascending trend today to retest immediate resistance target at 1550.

Immediate supports are 1530 (31 Dec 11), 10-d SMA (1523) and 1520 (mid Bollinger band).

Daily KLCI - Upside Bias In Anticipation Of A MACD Golden Cross
FBM KLCI 08-02-2012

Source: HLIB Research

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