Wednesday, June 22, 2011
FBMKLCI Futures - Daily Message 23 April 2011
FKLI bias turned down after closing below morning low but price has to close below 1563 to keep bias intact.
A close above 1564 will turn the bias up again. Expect resistance at all time high of 1580. Minor resistance may come at 1570, near yesterday's high.
Support may come at 1560 and thereafter 1552, Monday's low. Further support below at 1545.
The longer term trend is up but price has to close above 1580 to confirm it.
Sentiment turned weak as futures was priced cheap to cash.
The 21 day moving average is now at 1552.
R1/1564 R2/1570 R3/1580
S1/1560 S2/1552 S3/1545
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