Thursday, April 7, 2011
FBMKLCI Futures - Daily Message 8 April 2011
FKLI bias stays up and a close above 1564 should keep bias intact.
Again, expect selling at uncovered Jan gap of 1562-1564 and thereafter the all time high of 1580.
Support is now the prior resistance of 1555. Further down expect resistance at the area 1550-1547 and prior highs of 1540 and 1530.
The longer term trend is up but price has to close above 1580 to confirm it.
Sentiment is neutral to weak as futures was priced at slight discount to cash.
The 21 day moving average is now at 1518.
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