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PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 28 Feb 2020, 12:49 PM

 

Technical outlook - FBM KLCI

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FBM KLCI: 1605.36 (+6.17; +0.39%)

Resistance: 1622, 1652, 1664

Support: 1600, 1590, 1560

The local bourse rebounded last Friday on mild buying interest. At the close, FBM KLCI was up 6.17 points to end at 1605.36. Market breadth remained negative however as losers outpaced gainers 408 to 342. On a weekly basis, the benchmark was down by 4.91 points, though forming a hammer-like bullish reversal candlestick pattern. Amid the minor overnight sell down in global markets, the index might be fuelled by bargain-hunting activity in the event that it opens below the 1600 point mark. Support levels for the index are at 1560, 1590 and 1600, while the resistance levels are at 1622 and 1652, 1664.

Source: PublicInvest Research - 21 May 2019

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