Highlights

RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 23 Oct 2020, 4:40 PM

 

FKLI - No Positive Follow-Through

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Maintain short positions. The FKLI experienced a negative intraday price reversal to close flat at 1,503.5 pts – it had earlier reached a high of 1,512.5 pts. The performance suggests that there was no positive follow-through from the prior session’s “Bullish Engulfing” formation, which appeared in the support zones of 1,476 pts and 1,480 pts. Additionally, the RSI is still capped by the resistance line indicating that the momentum is still weak. Towards the upside, the index has to clear the 1,520-pt resistance level to confirm the abovementioned positive price formation. Until this happens, we are keeping our negative trading bias.

Traders should remain in short positions. We initiated these at 1,569.5 pts, the closing level of 3 Aug. To manage risks, a stop-loss can now be placed above 1,520 pts.

The immediate support is set at 1,490 pts, this is followed by the support zones of 1,480 pts and 1,476 pts. Moving up, the resistance points are expected at 1,520 pts and 1,540 pts.

Source: RHB Securities Research - 15 Sept 2020

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