With technical momentum indicators for the FBM KLCI getting increasingly overbought, there is more likelihood for profit-taking correction this week, as the July month comes to an end on Wednesday. However, note that if selling momentum is weak, profit-taking dips will be shallow, as buyers should be waiting on the sidelines to bargain at lower and stronger support platforms.
On the index, immediate resistance rests at 1,814, the 150 per cent Fibonacci Projection (FP) of the 1,526 pivot low of May 18 2012 to this year's April 30 high of 1,718, and next at the all-time high of 1,826 of May 6. In case of a breakout, the next upside hurdle will be 1,837, the 161.8 per cent FP level.
On the flipside, immediate support would come from the previous 1,800 immediate psychological resistance level, and then 1,791, representing the 138.2 per cent FP level, followed by 1,775, the matching 30- and 50-day moving average level.
The subject expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.
http://www.btimes.com.my/Current_News/BTIMES/articles/kala28/Article/index_html
On the index, immediate resistance rests at 1,814, the 150 per cent Fibonacci Projection (FP) of the 1,526 pivot low of May 18 2012 to this year's April 30 high of 1,718, and next at the all-time high of 1,826 of May 6. In case of a breakout, the next upside hurdle will be 1,837, the 161.8 per cent FP level.
On the flipside, immediate support would come from the previous 1,800 immediate psychological resistance level, and then 1,791, representing the 138.2 per cent FP level, followed by 1,775, the matching 30- and 50-day moving average level.
The subject expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.
http://www.btimes.com.my/Current_News/BTIMES/articles/kala28/Article/index_html
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