Bursa Malaysia Stock Watch
OSK Research: KLCI immediate technical outlook bullish
kltrader
Publish date: Wed, 28 Jul 2010, 11:18 AM
kltrader
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KUALA LUMPUR: OSK Research said the immediate technical outlook of the FBM KLCI remains bullish.
In its technical outlook report issued on Wednesday, July 28 it said from the current level, continue to look for the next tough resistance at the 1,395-level. Initial support is now seen at the 1,350-level, followed by the 1,332-level and the 1,326-level.
On Tuesday, the FBM KLCI was trading listlessly in the vicinity of the peak of 2010-2009 rally, which was expected when the market is situated at around a key level. At the end the session, the index carved out a ?Doji Star?, which represents indecision in the market.
?Remember that the 1,350-level is not just a random level, as there were previously three failed breakout attempts at this level during the March-May period,? it said.
OSK Research said Tuesday was just a day whereby buyers and sellers were trying to dominate each other at this meaningful level. The immediate technical outlook of the FBM KLCI remains bullish.
In its technical outlook report issued on Wednesday, July 28 it said from the current level, continue to look for the next tough resistance at the 1,395-level. Initial support is now seen at the 1,350-level, followed by the 1,332-level and the 1,326-level.
On Tuesday, the FBM KLCI was trading listlessly in the vicinity of the peak of 2010-2009 rally, which was expected when the market is situated at around a key level. At the end the session, the index carved out a ?Doji Star?, which represents indecision in the market.
?Remember that the 1,350-level is not just a random level, as there were previously three failed breakout attempts at this level during the March-May period,? it said.
OSK Research said Tuesday was just a day whereby buyers and sellers were trying to dominate each other at this meaningful level. The immediate technical outlook of the FBM KLCI remains bullish.
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