Chart: KLCI daily chart1 (Source: tradeSignum)
Refer to KLCI daily chart shown above, the KLCI hit the new high of 1530 and retreated to the low of 1474 level on 29th Nov 2010. Further to this, the KLCI is forming a Top at 1530 and reverse into short term downtrend pattern. It has tried several rebound but has yet broke the previous high, subsequent to the failures, the KLCI may continue the correction until a stronger support is builded.
Resistance levels
1500, 1505, 1530
1480, 1465, 1456
Near term outlook
Bearish - Short term downtrend, heading towards 1480 level.
Long term outlook
Bullish - Long term uptrend, as long as the index stay above the main uptrend support line.
Trading opportunity
Cautiously pick up some good fundamental stocks during profit taking.
Favourite stocks recommendations
Finance - Maybank, CIMB, RHBCAP, PBB.
Consumer - CI Holdings, TWS. (TWS has broken the main resistance, outlook strong buy)
Construction - Sunway, Gamuda.
Healthcare - KPJ, Faber.
Plantation - BStead, TDM, MHC, Cepat.
Trading/services - Kfima.
Gaming - Genting.
Telecommunication: Axiata.
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