FBM KLCI DAILY CHART
TECHNICAL INDICATIONS
Support : 1518 Resistance : 1544, 1565
Bias : Consolidation
Under the prevailing conditions, the consolidating trend is still a feature with the 1518 level remaining the key interim support. This level has held up well for the past week as institutions have provided support. Any upside, meanwhile, could be limited to around 1544 and 1565 level.
COMMENTARY
Lack of interest sustains … The key index slipped again as market interest remained lackluster on the back of euro-zone debt worries. As in the previous few trading sessions, the market started on a positive note, only to succumb to weaker conditions as the day wore on. Overall, trading volumes were also on the slide again with loser outpacing gainers.
Market weakness still a dominant feature … The FBMKLCI’s immediate outlook remains frail as the lack of fresh buying is hampering any quick recovery efforts. Most investors are still cautious with oil prices persistent high and
inflation concerns still dominating.
by Mercury Securities
