The research house maintains a ‘LONG‘ position on the futures of this index.
In the research update on the futures of FKLI, the research house opined that as the FKLI continued its bullish momentum yesterday, propelling another 20 points to settle at 1,587.50 points – jumping off strongly from the 1,566.50-point immediate support. It opened in positive territory at 1,568.50 points and immediately climbed higher throughout the session – hitting the session’s high of 1,593.50 points before the close.
The latest price action solidifies the recent “higher -high” bullish pattern, firming up the uptrend movement towards the
immediate resistance of 1,607.50 points. Together with the improving RSI near 55%, the bulls are expected to dominate in
the medium term. As such, RHB Research stick to their positive trading bias.
Traders are advised to maintain the long positions initiated at 1,567.50 points or the closing level of 16 March. To manage
the trading risks, the initial stop-loss threshold is set at 1,545.50 points. The immediate support stays at 1,566.50 points – 24 February’s low – and is followed by 1,545.50 points, that is 11 March’s low. Towards the upside, the immediate resistance is pegged at 1,607.50 points – 4 March’s high – and followed by 1,620 points, which was 17 February’s high.
