Millionaire Trend Trader: KLCI poised to test higher target

Tuesday, November 10, 2009

KLCI poised to test higher target

Share prices on Bursa Malaysia ended firmer yesterday led by gains in heavyweight plantation stocks, with SIME and IOICORP gaining 0.10 and 0.24 respectively. FBM KLCI was in the positive territory most of the day, strong buying interest in mid afternoon on plantation stocks pushes the benchmark index to close at the highest level of the day at 1267.75, +6.99 or 0.55%. Advancers led decliners by 403 to 291, with 288 counters unchanged. Overall turnover was lower at 1.0995 billion shares.

The FBM KLCI continues its upward move, closing at the highest point of the day, indicating a bullish undertone. MACD, RSI and Stochastic continue to move higher, indicating a pickup in momentum and market strength. Short, medium and long term trends are all up. With the positive indications by all technical indicators, the KLCI is poised to test the recent high of 1270.44, and may possibly move ahead to challenge the next higher resistance level at 1281.

Today, the FBM KLCI is expected to trade within the range of 1259 to 1276.

This week's expected range: 1240 – 1282
Today's expected range: 1259 – 1276

Resistance: 1270, 1273, 1276
Support: 1253, 1259, 1262

Stock to watch: MIECO

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Tuesday, November 10, 2009

KLCI poised to test higher target

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