Tuesday, July 5, 2011

FBMKLCI Futures - Daily Message 5 July 2011


FKLI bias is neutral after the unchanged close but nonetheless under pressure as it was below morning low.
Another close below Monday's gap of 1586 will turn bias down.
Again, pyschological 1600 should come as resistance with minor selling expected at 1590, just as it did yesterday.
Support stays at Friday's gap of 1580 and then another gap of 1570.
The longer term trend is up but price has to stay above 1580 to keep trend intact.
Sentiment nevertheless stayed positive as futures was priced rich to cash.
The 21 day moving average is now at 1561.

R1/1586 R2/1590 R3/1600
S1/1580 S2/1570 S3/1565

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