The KLCI futures traded in a cautious tone ahead of the unveiling of fresh economic stimulus package on next Tuesday. The MARCH contract fell 5 points to close at 863.The MARCH contract gapped lower at the opening on borrowed weakness from the sharp drop in the U.S. markets. Moreover, it was trapped within a tight trading-range for most part of the day. From here, downside risk will increase so long as the market trades below the 867 level for the immediate-term. A convincing breach of the 856 pivot-support will open up further downside opportunities towards 850, 845 and 833. Meanwhile, any potential short-term optimistic surge above the 867 level will only mean that, the market will be trading sideways for sessions to come with increased volatility. The 850 short-term target support is an ideal level to reap in short-term profits for the fresh bears.
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HAPPY TRADING & GOODLUCK2ALL
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