Monday, July 18, 2011

FBMKLCI Futures - Daily Message 18 July 2011


FKLI bias turned up after closing above morning low and it has to close above 1580 to keep bias intact.
Resistance is still at 1586, a prior gap, and then 1590. Stronger selling should come at psychological 1600.
Support is still 1575, which saw a false breakout last Friday, and then last week's low of 1570.
The longer term trend is up but price has to close above 1580 this Friday to keep view intact.
Sentiment was neutral as futures was priced about fair.
The 21 day moving average is now at 1575.

R1/1586 R2/1590 R3/1600
S1/1575 S2/1570 S3/1560

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