The HSIF jumped higher on strong momentum yesterday, climbing 413 pts to close at 20,141 pts – eyeing to cross above the 20,200-pt immediate resistance. It opened at 19,750 pts and progressed northwards throughout the session to print the day’s high of 20,194 pts before the close. During the evening session, the HSIF climbed 60 pts and last traded at 20,201 pts. Despite marginally crossing above the 20,200-pt resistance, the session is still in progress.
If at the session’s close the HSIF settles above the immediate resistance, then we shall see a fresh “higher high” bullish pattern form. The bullish breakout may lift the index higher to test the 20-day SMA line.
For now, since the HSIF is trading below the short-term moving average line, the bearish set-up remains intact.
Bursa Malaysia Retreats From Previous Gains, Opens Lower
Bursa Malaysia retreated from its gains to open lower on Friday due to profit-taking activities in selected heavyweights, in tandem with the mixed performance on the Wall Street overnight, a dealer said, according to Bernama.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 5.41 points to 1,502.30 from yesterday’s close of 1,507.71.
The benchmark index opened 2.64 points weaker at 1,505.07.
On the broader market, losers surpassed gainers 146 to 110, while 195 counters were unchanged, 1,796 untraded and nine others suspended.
Turnover stood at 151.70 million units worth RM45.21 million.
