The FBM KLCI opened at 1,501.70 as compared to yesterday’s close of 1,501.88.
At the time of writing, the main index was traded in the range of 1,501.30 – 1,504.16.
Yesterday FBM KLCI had its best performance in over two years following the appointment of Datuk Seri Anwar Ibrahim as Malaysia’s 10th Prime Minister.
The main index may be in consolidating stage pending for catalysts.
Technical Analysis on KLCI Futures
Following the 4.04% hike by KLCI yesterday, RHB Research has reiterated its long positions on FKLI.
The FKLI experienced its best session in 2022, surging 58 points to close at 1,513 points. Yesterday, the index began trading at 1,445.50 points and progressed higher. In the afternoon, it surged to break past the 1,481.50-point resistance as it headed towards the day’s high of 1,514 points before the close. Observed the price action charted a bullish candlestick with a shaved shadow – the Bullish Marubozu shows the momentum is at maximum throttle now. Coupled with the index breaching the 200-day SMA line, the bulls are eyeing to extend the upside movement towards the next resistance at 1,531 points and 1,565 points. In the event the index retraces on profit taking, expect the strong support to emerge at 1,475-point level. With the bulls in control now, the research house makes no changes to its positive trading bias.
Traders should stick to the long positions initiated at 1,475.50 points, or the closing level of 11 Nov. To mitigate
the trading risks, the stop-loss is adjusted higher to 1,445 points from 1,436 points.
The immediate support is revised to 1,475 points, followed by the 1,445-point whole number. Conversely, the immediate
resistance has been changed to 1,531 points, with higher resistance of 1,565 pts.
