RHB Retail Research
FKLI - Bulls Are Still Pushing Ahead
Maintain long positions as the technical picture remains positive. The FKLI rebounded from negative territory yesterday, and closed 1.5 pts higher, at 1,603.5 pts. The low was recorded at 1,593.5 pts. The positive intraday price reversal indicates that the bulls remain in control over the index’s countertrend rebound. It was a positive follow-up from the previous session’s strong performance, where it formed a white candle that crossed above the 50-day SMA line. Premised on this, we also maintain our positive trading bias.
Based on a robust outlook, we recommend that traders remain in long positions. We initiated these at 1,568 pts, the closing level of 6 Dec. To manage risks, a stop-loss can now be placed at the breakeven level.
Immediate support is set at 1,563 pts, the low of 17 Dec, followed by 1,547.5 pts, the low of 10 Oct. Meanwhile, the immediate resistance is now expected at 1,621.5 pts, the high of 9 Aug. This followed by 1,650 pts.
Source: RHB Securities Research - 20 Dec 2019
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