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
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