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Sunday, June 20, 2010

KLCI Daily chart analysis - 20062010

KLCI movement commentary
KLCI is successfully breaking few resistance and building a strong technical rebound after strong sold down happening in May 2010. It broke 1300 level and close at 1317 on 18th June 2010. KLCI is holding very well above 1300 level after some profit taking activities kicked in. Referring to the technical chart shown on 10062010, the current market will only confirmed Bullish after breaking resistance 1324 & 1347 levels. Anyway, the market sentiment is improving after recent negative news like EU debt problems waned. Market tends to move sideway bias to bullish to test 1324 & 1347 in coming weeks.

Technical analysis
Beware of "Head & Shoulders" or "Double Top" patterns forming, a save entry point will only confirmed after index successfully break 1347 level.

Strategy
Cautious (Half yearly windows dressing kicks in), Hold on to the position, reduce stock holding level.
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