FBMKLCI Futures - Daily Message 7 July 2011
FKLI bias turned up but price has to close above 1590 to keep bias intact.
Expect resistance at 1594, level that put a lid on price twice this week, and then the psychological 1600.
The 1586 level has now turned support and then the uncovered gaps of 1580 and 1570.
The longer term trend is up.
Sentiment was somewhat weak, the first time in almost 10 days, as it was priced cheap.
The 21 day moving average is now at 1564.
R1/1594 R2/1600
S1/1586 S2/1580 S3/1570
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