FKLI Technical Rebound Flopped At Last Half Hour.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) futures contracts on Bursa Malaysia Derivatives closed lower yesterday.
December 2010 fell 7.5 points to 1,492, January 2011 dropped 7 points to 1,493, March 2011 slipped 6 points to 1,494 and June 2011 went down 8 points to 1,491.
Volume declined to 5,349 lots from 6,491 lots last Friday while open interest was unchanged from last week’s 21,363 contracts.
On the cash market, the benchmark FTSE Bursa Malaysia KLCI slipped 4 points to close at 1,495.88 after opening 0.42 point lower at 1,499.46.
December 2010 fell 7.5 points to 1,492, January 2011 dropped 7 points to 1,493, March 2011 slipped 6 points to 1,494 and June 2011 went down 8 points to 1,491.Volume declined to 5,349 lots from 6,491 lots last Friday while open interest was unchanged from last week’s 21,363 contracts.
On the cash market, the benchmark FTSE Bursa Malaysia KLCI slipped 4 points to close at 1,495.88 after opening 0.42 point lower at 1,499.46.
SESSION ACTIONS 20/12/2010
Mid morning forced selling & LONGs liquidations pressured the FKLI to an intraday low 1489 whereby from which triggered a technical rebound.
FKLI prices rose steadily to above opening 1496.3 and beyond as high as 1498.0 before succumbing to another round of profit takings.
The FKLI fell back to the rebound triggered mark @1492.0.
Round One to the bears but ZL optimistic there will be another attempt very soon to recapture the 1500 mark and it could be as soon as within the next 48 hours.
Support seen at 1489 with a lower floor at 1485.
1st Resistance at EMA 34 which coincidentally is almost similar to 1499 resistance.
A successful breakout will bring the FKLI to retest the 1515 mark.
Recommendations
BUY ON DIP / WEAKNESS
(Technical Support should be around 1490 >>> 1485)
HAPPY TRADING
No comments:
Post a Comment