Daily Technical Outlook
The FBM KLCI closed higher by 3.37 points to 1,337.01. Its resistance areas at 1,339 and 1,347 may cap market gains, whilst the obvious support areas for the FBM KLCI are located at 1,322 and 1,337. Due to the Dow’s overnight rise of 9.68 points, we expect the
FBM KLCI to remain steady today. We believe that the FBM KLCI had a key rebound high on 7 April 2010 at 1,347.61. The MACD sell indicator together with the bearish divergent signals suggest that the FBM KLCI is risky at this juncture – with little reward and more risk if investors bargain hunt at these lofty levels. Short-term trading or scalping the market would be the best market strategy.
Some stocks that we like are: AFFIN, ANALABS, BOXPAK, CIHLDGS, ENCORP, FIMACOR, GAMUDA, GTRONIC, HELP, JCY, LINGUI, LITYAN, OSK, PANAMY, PACMAS, PERISAI, QL, SEG, SUNCRN, UNISEM, WCT and YILAI.
FBM KLCI: Key Points
A good weekend FBM KLCI close
GTRONIC – Triangle breakout with volume
Obvious support seen at 1,322 and 1,337
Resistance seen at 1,339 and 1,347
by: Maybank-IB
