Monday, August 1, 2011
FBMKLCI Futures - Daily Message 1 August 2011
FKLI bias stays neutral despite the lower close, but a close above 1550 should see bias turning up.
Higher up, expect resistance as 1555, near last Monday's low, and then 1565, last's week high.
Support is still two days low of 1540, followed by June's low of 1535 and late May low of 1520.
The longer term trend is still up but price has to close above 1580 to confirm it.
Sentiment stayed weak as futures was at discount to cash.
The 21 day moving average is now at 1571.
R1/1550 R2/1555 R3/1562-65
S1/1540 S2/1535 S3/1520
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