Wednesday, October 12, 2011

FBMKLCI Futures - Daily Message 12 Oct 2011


FKLI bias has turned down but it has to close below 1400 to keep bias intact.
Below 1400, support is expected at 1385, gap of last Thursday and thereafter 1350.
Last week's high of 1408 has now turned resistance and followed by the high of 21 Sep, 1422.
The longer term trend is down.
Sentiment is weak as futures was priced at discount to cash.
The 21 day moving average is now at 1392.

R1/1408 R2/1420 R3/1447
S1/1400 S2/1385 S3/1350

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