The FBM KLCI opened at 1,414.72.
At the time of writing, the main index fell 3.06 points or -0.22% at 1,412.04. It oscillated between 1,412.45 – 1,416.07.
Pending for major data released this week, the FBM KLCI is anticipated to consolidate. Investors remain cautious due to increasing market volatility. According to analysts, the KLCI might go uptrend as valuations remain attractive. The immediate resistance is spotted at 1,430, while support is at 1,400.
Technical Analysis on KLCI Futures (FKLI)
RHB Research is maintaining short positions on KLCI futures (FKLI)
The FKLI printed a fourth consecutive session of positive rebounds yesterday, closing 13 points higher at 1,415 points – attempting to touch the 1,418-point immediate resistance, which is also the stop-loss level. It opened stronger at 1,406.5 points, but fell during the early part of the session to the 1,396-point low. It then rebounded strongly until the end of the session, touching the 1,416-point high before the close. The fourth consecutive bullish candlestick further reinforces the bullish engulfing pattern formed last Friday. Nevertheless, strong selling pressure is expected at 1,418 points. A breach above the immediate resistance would indicate a bullish bias above this level. If the FKLI fails to surpass this level, it would mean that the downtrend remains intact. Until the stop-loss is triggered, the research house will keep our negative bias.
Traders should remain in the short positions initiated at 1,384.50 points, or the closing level of 12 Oct. To mitigate trading
risks, the stop-loss is set at 1,418 points.
The immediate support is pegged at 1,360.5 points, followed by 1,350 points. On the other hand, the immediate resistance
has risen to 1,418 points or the high of 26 Sep, followed by 1,463 points, or the high of 20 Sep
