‘LONG’ Maintained, as FKLI Breaching The Immediate Resistance: RHB Research

The research house has reiterated their ‘LONG’ positions.

The FKLI breached the recent consolidation phase yesterday to settle 14.5 points higher, at 1,598 points. The index opened at 1,582.5 points and immediately jumped northwards towards the end of the session. It hit the day’s high of 1,602 points before retreating mildly, at the close. The latest bullish candlestick breaching the 1,593.5-point resistance – forming a “higher high” bullish pattern – solidifies the uptrend which, in turn, is expected to persist towards 1,620 points in the coming sessions. Coupled with the RSI indicator pointing upwards further at 58%, the FKLI’s medium-term bullish bias remains intact.

Unless the momentum reverses, the research house will maintain a positive trading bias toward the futures of KLCI.

Traders are advised to stick to the long positions initiated at 1,567.50 points, or the closing level of 16 March. To manage downside risks, the initial stop-loss threshold is placed at 1,566.50 points. The immediate support has risen to 1,593.50 points – 17 March’s high, followed by 1,566.50 points – 24 February’s low. Conversely, the nearest resistance is at 1,620 points or 17 February’s high, then 1,634.50 points or 12 March 2021’s high.

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