RHB Retail Research
FKLI - Riding On The Rebound
Rebound still extending; maintain long positions. The FKLI ceased the latest session on a positive note, adding 4.5 pts to close at 1,608 pts. This came after it hit a low and high of 1,595.5 pts and 1,609.5 pts. The positive session can be seen an encouraging follow-up after the index recently crossed above the 50-day SMA line. Towards the upside, we are now expecting the index to test the immediate resistance of 1,621.5 pts, which is also located near the 200-day SMA line. The RSI reading suggests that the countertrend rebound has yet to reach an overbought level. Maintain our positive trading bias.
On the expectation that the bulls are still in firm control over the rebound, 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.
We are keeping the immediate support at 1,563 pts, the low of 17 Dec, followed by 1,547.5 pts, the low of 10 Oct. Moving up, 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 - 23 Dec 2019
More articles on RHB Retail Research
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
Apps
Top Articles
1
CEO Morning Brief
PGF Capital to Distribute Thermal Insulated Panels for Data Centres
3
Rakuten Trade Research Reports
4
5
The Alpha Trader
6
Bimb Research Highlights
7
Chloe Tai Blog
8
RHB Investment Research Reports
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
