Monday, May 23, 2011
FBMKLCI Futures - Daily Message 24 May 2011
FKLI bias stays down and a close below 1518 should keep bias intact.
Support is now 1510, important support in April and then the psychological 1500.
The 1520-1524 has now turned resistance. Further up, expect selling at 1532, the low of last week and then important level of 1540.
The longer term trend is still up but price has to close above 1580 to confirm it.
Sentiment deteriorated as futures discount to cash widened.
The 21 day moving average is now at 1527.
R1/1520-1524 R2/1532 R3/1540
S1/1510 S2/1500 S3/1494
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