KUALA LUMPUR: CIMB Equities Research says the important resistance trend line for the FBM KLCI (currently at 1,347) was tested but the bulls failed push through it last week.
It said on Monday, April 12 that with the RSI also testing its own resistance trend line, it thinks that the upside from here is likely capped.
"Prices are also now below its short term support trend line. Prices should be looking to consolidate either this week or next," it said.
CIMB Research said the uppside resistance is at 1,360, where wave-C is equal to 0.618 times of wave-A. The March 2008 gap of 1,344-1,354 also is only partially "filled", hence could still edge higher to close it after this short consolidation. On the downside, support is at 1,320 and the 1,305-1,307 gap.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
music
Create a playlist at MixPod.com
