TECHNICAL INDICATIONS
Support : 1523,1509 Resistance : 1563 Bias : Upside
There appears to be more upside bias as it core indicators continue to strengthen, while the MACD is about to cross the trigger line on the upside. The strengthening indicators are also providing the fuel for the 1555 level to be penetrated and if it gives way, the upsides could sustain to its next resistances of 1563.
above: FBM KlCi daily chart (click to enlarge)
Upsides sustain … The key index rebounds for its third successive day with the recovery taking the FBMKLCI past the 1553 minor resistance level. Market support was also fairly broad based with gainers topping losers, despite investor participation remaining thin. Still, it was the blue chips that contributed the most to the market’s climb.
Still showing hesitation signs … The market’s continuing rebound resulted in the candle pushing past the 1553 level. At this point, it is vital for market participation to improve, otherwise the rebound will be short-lived. In fact if volumes do not pick up significantly, the 1563 level may not even be penetrated.
by Mercury Securities.
