Friday, July 22, 2011

FBMKLCI Futures - Daily Message 22 July 2011


FKLI bias stays neutral after another failure to close above 1565, but again bias will turn up on close above it.
Resistance is still 1570, the low of last week, and thereafter 1580 and 1586, both a prior supports.
Expect support at the area of 1560-57, where price found support yesterday and then another area of 1552-1550, a previous low and also a psychological level.
The longer term is up but price has to close above 1580 to confirm it.
Sentiment turned weak after another failure to break resistance, but it should return if price closes above 1565 today.
The 21 day moving average is now at 1576.

R1/1570 R2/1580 R3/1586
S1/1560-57 S2/1552-50 S3/1545

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