Wednesday, May 11, 2011
FBMKLCI Futures - Daily Message 12 May 2011
FKLI bias stays up and a close above 1535 should keep bias intact.
Resistance is now 1540, level that put a lid on price for the past 3 weeks. Thereafter, expect resistance at 1562, April high. Minor resistance may come at 1550.
Support is now 1530 and then the area of 1524, low of yesterday, and 1520.
The longer term trend is up but price has to close above 1580 to confirm it.
Sentiment stayed weak as futures was again priced cheap.
The 21 day moving average is now at 1524.
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