The FBM KLCI opened at 1,425.52 as compared to yesterday’s close of 1,420.38.
At the time of writing, the main index oscillated in the range of 1,422.08 – 1,426.31.
Technical Analysis on KLCI Futures.
Stop-loss triggered; RHB Research has initiated short positions on KLCI futures.
The FKLI experienced strong selling pressure and plunged to close at 1,414 points – losing 48 points in one session and recording the worst session in 2022. The index started off the session at 1,458 points. After touching the day’s high of 1,460 points, it progressed lower throughout the session until it hit the day’s low of 1,412.50 points before the close. The latest bearish session has breached both the support marked at 1,441 points and 1,418 points – indicating that the bears are now in control. Furthermore, the RSI has crossed below the trendline, reaffirming that the momentum has turned negative. Based on the latest bearish breakout, RHB Research has switched to a negative bias.
We closed out the long positions initiated at 1,436.50 points (20 Oct’s close) after the stop-loss at 1,418 pts was triggered.
Conversely, initiate short positions at the closing of 3 Nov, ie 1,414 points. To manage the trading risks, the stop-loss is set at 1,463 points.
The immediate support is revised to 1,400 pts, followed by 1,360.50 pts, or the low of 14 Oct. The immediate
resistance has been changed to 1,440 pts, and then 1,463 pts, or the high of 20 Sep
