Wednesday, August 3, 2011

FBMKLCI Futures - Daily Message 3 August 2011


FKLI bias turned dow after closing below morning low and a close below 1549 should keep bias intact.
Support should come at last week's low of 1540 and then July low of 1535. Buying may also come at 1518, late May low.
The psychological 1550 has again turned resistance and then follow by 1555, the high of the week.
The longer term trend is 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 1568.

R1/1550 R2/1555 R3/1562-65
S1/1540 S2/1535 S3/1518

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