RHB Retail Research
FKLI - Fifth Consecutive White Candle
Stay long. The upward momentum of the FKLI has continued as expected, as another white candle was formed yesterday. It rose 4 pts to close at 1,612 pts, after oscillating between a high of 1,619 pts and low of 1,606 pts. Market sentiment remains bullish, as the aforementioned white candle was the fifth in five consecutive sessions. Furthermore, as the 50-day SMA line is likely to turn higher, it would appear that the bullish sentiment has been enhanced. Overall, we believe the bullish outlook will stay intact.
Based on the daily chart, the immediate support level is seen at 1,563 pts, which was the low of 17 Dec. If this level is taken out, look to 1,547.50 pts – determined from the previous low of 10 Oct – as the next support. Towards the upside, we are eyeing the immediate resistance level at 1,621.50 pts, set at the high of 9 Aug. Meanwhile, the next resistance would likely be at the 1,650-pt round figure.
Thus, we advise traders to stay long, given we previously recommended initiating long above the 1,568-pt level on 9 Dec. A stop-loss can be set below the 1,568-pt mark as well in order to minimise the downside risk.
Source: RHB Securities Research - 24 Dec 2019
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