FKLI Reclaimed The 1,600-Point Level : RHB Research

The FKLI saw the bullish momentum pick up again, crossing above the 1,600-point psychological resistance to close at 1,602.50 pts, RHB Research said.

On Wednesday, the index initially opened weaker at 1,595 points and fell to the day’s low of 1,586.50 points. The tide changed once the morning session started off, which saw the benchmark index climb to touch the day’s high of 1,604.50 pts before the close.

With the renewed momentum, the bulls are setting their sights to test the 1,608.50-point immediate resistance. Breaching the immediate threshold would see the index retest the YTD high at 1,620 points.

On the downside, the 1,581-point level will provide immediate support. Since the bullish momentum has been reignited, we continue to hold on to our positive trading bias.

RHB Research advises traders to keep the long positions initiated at 1,567.50 points, or the close of 16 March. To protect the downside risks, the stop-loss is fixed at 1575.50 points. The first support adjusted to 1,581 points (29 Mar’s close), followed by 1,575.50 pts, or the low of 29 March. On the upside, the immediate resistance is eyed at 1,608.50 pts (25 Mar’s high), followed by 1,620 pts, which is the YTD high charted on 16 February.

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