Friday, March 16, 2012

FBMKLCI Futures - Daily Message 16 Mar 2012


FKLI bias stays up after the higher close but it has to close above 1585 to keep bias intact.
Above 1585, expect resistance at 1592 and then recent high of 1596.
Support is now yesterday's gap of 1578 and followed by the important level of 1574.
The longer term trend is neutral to down.
Sentiment was a touch upbeat as futures was at slight premium to cash.
The 21 day moving average is now at 1570.

R1/1585 R2/1592 R3/1596
S1/1578 S2/1574 S3/1570

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