Friday, August 5, 2011

FBMKLCI Futures - Daily Message 5 August 2011


FKLI bias turned down after closing below morning low but price has to close below 1540 to keep bias down.
Support is still at last week's low of 1540 and then the week low of 1532. Further support is expected at late May's low of 1518.
Resistance should come at 1545, where false breakout occured yesterday and the psychological 1550.
The longer term trend is still up but price has to close above 1580 to confirm it.
Sentiment stayed weak as futures was again at discount to cash.
The 21 day moving average is now at 1564.

R1/1545 R2/1550 R3/1555
S1/1540 S2/1532 S3/1518

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