Monday, June 13, 2011

FBMKLCI Futures - Daily Message 13 June 2011


FKLI bias is neutral after closing below morning low, but nonetheless, the close above 1550 psychological level is supportive.
A close above 1551 will turn bias up again, expect buying near last week's low of 1545 and the gap of 1536-33.
Resistance is still 1556, near last week's high and thereafter 1564, the gap of January.
The longer term trend is still up but price has to close above 1580 to confirm it.
Sentiment turned weak as futures was price at discount to cash.
The 21 day moving average is now at 1544.

R/1 1556 R2/1564 R3/1570
S1/1545 S2/1536-33 S3/1524

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