RHB Retail Research
FKLI - Long Positions Still in Play
Stay long, with a new trailing-stop set below the 1,592-pt level. After five consecutive white candles, the FKLI ended lower to form a black candle on Tuesday. It slipped 2.5 pts to close at 1,609.50 pts, off the session’s high of 1,615 pts. Technically, the latest black candle should merely be viewed as a result of profit-taking activities following the recent surge. We think the bulls may continue to control the market as long as the FKLI does not erase more than 50% of its gains from 18 Dec’s “Long White Day” candle. Overall, we keep our bullish view on the FKLI’s outlook.
As seen in the chart, we are now eyeing the immediate support level at 1,592 pts, situated near the midpoint of 18 Dec’s “Long White Day” candle. Meanwhile, the crucial support is seen at 1,547.50 pts, obtained from the previous low of 10 Oct. On the other hand, we maintain the immediate resistance level at 1,621.50 pts, situated at 9 Aug’s high. If a breakout arises, the next resistance is anticipated at the 1,650-pt round figure.
Recall that on 9 Dec, we initially recommended traders to initiate long positions above the 1,568-pt level. We continue to advise them to stay long for now, while setting a new trailing-stop below the 1,592-pt threshold. This is in order to lock in part of the profits.
Source: RHB Securities Research - 26 Dec 2019
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