FBM KLCI - further consolidation

Stocks on Bursa Malaysia ended bearish last Friday, weighed down by profit-taking, ahead of Chinese New Year holiday this week, with losses led by plantation counters. The FBM KLCI ended the day 5.07 points or 0.33% lower at 1,521.89 after opening 1.77 points higher at 1,528.73. On a Friday-to-Friday basis, the FBM KLCI erased 25.54 points to 1,521.89. Weekly turnover stood at 7.961 billion shares, worth RM11.443 billion, from previous week's 7.133 billion shares valued at RM9.585 billion.

The local market was basically in correction throughout the week with the FBM KLCI extended its profit-taking correction on Monday due to regional weakness and as investors reduced commitments ahead of the CNY break this week. The key index was down 4.46 points to settle at 1,542.97, off an opening high of 1,550.95. The market suffered a further correction on Tuesday as investors sold off more trading positions amid regional weakness on concern China may tighten credit again. The FBM KLCI tumbled 16.54 points or 1.07 % to close at the day’s low of 1,526.43. On Wednesday, the FBM KLCI opened at 1525.43 and plunged to the intra-day low of 1505.36, losing 21.07 points at its worst, but rebounded to close at 1520.00, still down 6.43 points for the day. The key index rebounded on Thursday as bargain hunters increased their presence, with oil & gas related stocks attracting buyers given positive news on the award of more contracts by PETRONAS. The FBM KLCI bounced back nearly 7 points to settle at 1,526.96. However, the FBM KLCI pulled back on Friday in tandem with regional weakness to close 5.07 points lower at 1,521.89.

On the weekly chart, the FBM KLCI formed a black candlestick with long lower shadow, is a continuation of the previous black candlestick. The key index which closed below the mid range of the week indicates the bear was still stronger, and may continue its effort to push the key index lower. The FBM KLCI rebounded off the 20-week moving average (MA) at 1505 but was closing below its 10-week MA at 1524 may continue with its correction and consolidation this week. The psychological support level at 1500 is critical, if it cannot hold, the key index may slides down to the 1493 and 1474 levels.

On the daily chart, the FBM KLCI formed a bearish engulfing candlestick which covered the body of the candlestick on Thursday. This indicates sellers were dominant, and the key index may continue with its weakness this week. The FBM KLCI is sitting right on the 60-day MA at 1521, and may slide down to re-test the support at 1505.

Weekly MACD had just made a dead cross, this is bearish for the weekly outlook, and the consolidation may prolong. Daily MACD continued to slide lower, indicating a continued weakening of the daily momentum.

Weekly RSI (14) continued to plunge lower to 61.7, while the daily RSI (14) is at 40.6. This indicates the weekly market strength is still bullish, but the daily is already in the bearish zone.

Weekly Stochastic now at 70.3 had continued to slide lower indicating a continuation of the downward momentum and down cycle. The daily Stochastic had rebounded to 24.7 after hitting the low of 14.1, and has just crossed the slow stochastic line, reflecting the rebound. Readings from the weekly and daily indicators show that the FBM KLCI may continue with its correction or consolidation as the sign of weaknesses are still dominant.

The short term trend of the FBM KLCI is currently down. The medium term trend is still up, but is being challenge; while the long term uptrend remained intact. Immediate strong overhead resistance zone is at 1530 to 1550, while the downside support zone is at 1505 to 1474.

As this week is a holiday shortened week with only one and a half trading day, in which Wednesday has only half a day trading, the overall market is expected to remain quiet on limited investor participation. However, the market should bounce back post the Chinese New Year holidays, as bargain hunters return more forcefully, especially if stocks dipped further to more attractive support levels where investors should look to accumulate.

Last Friday, the Dow plunged -166.13 points or -1.39% to close at 11,823.70. This week, the FBM KLCI may trade within a range of 1501 to 1547, and for today it is likely to trade within a range of 1505 to 1541.

This week's expected range: 1501 – 1547
Today’s expected range: 1505 – 1541

Resistance: 1528, 1535, 1541
Support: 1505, 1512, 1516

FBM KLCI - technical rebound

Stocks on Bursa Malaysia rebounded to close higher yesterday after six days of consecutive losses. The rebound was led by plantation and finance stocks. The FBM KLCI ended at 1,526.96, up 6.96 points or 0.458%, after opening 6.48 points better at 1,526.48. Gainers led losers by 538 to 238 while 263 were unchanged. Volume decreased to 1.410 billion shares, valued at RM2.217 billion, compared with 1.420 billion shares, worth RM2.601 billion, registered on Wednesday.

The FBM KLCI opened with an up gap of 6.48 points and surged to the intra-day high of 1530.81 before profit-taking activities pushed it off low to stay sideways in the positive territory for the rest of the day. Chart-wise, the FBM KLCI formed a Doji candlestick with longer upper shadow. It confirmed the reversal signal issued by the hammer candlestick the day before. However, it also indicates the reversal was met with strong overhead resistance at 1530 level. The key index may continue with its up move today, but will encounter resistance post by the 5 and 30-day moving averages at 1532 and 1537.

MACD continued to move lower, but at a reduced pace, indicating the downward momentum is slowing down. RSI (14) has hooked up to 42.9, but is still in the bearish zone. Stochastic at 18.7, has also hooked up after entering the short term oversold zone. Readings from the indicators indicated that the up move could be just a technical rebound, and maybe short live as the short term downtrend has not really been reverse yet.

The short term trend of the FBM KLCI remained down as the key index continued to stay below all the short term moving averages. Nonetheless, the medium to long term uptrend remained intact. Immediate overhead resistance zone is at 1530 to 1550, while the downside support zone is at 1520 to 1500. The FBM KLCI is likely to be in consolidation mode while the second and third liners will remain active in rotational play.

Overnight, the Dow rose +4.39 points or +0.04% higher to close at 11,989.83. Today the FBM KLCI is likely to trade within a range of 1519 to 1536.

This week's expected range: 1508 – 1605
Today’s expected range: 1519 – 1536

Resistance: 1530, 1533, 1536
Support: 1519, 1522, 1524

FBM KLCI - down for the sixth consecutive days

Stocks on Bursa Malaysia ended lower yesterday for the sixth consecutive days pull down by plantation stocks as investors’ interest waned ahead of a short trading period due to the Chinese New Year celebrations next week. Bank Negara is due to announce its monetary policy decision today. The FBM KLCI loss 6.43 points or 0.42% to 1,520.00 after opening one point lower at 1,525.43 and hit the intra-day low of 1505.36. Decliners led advancers by 418 to 328 while 311 counters were unchanged. Volume dwindled to 1.420 billion shares worth RM2.601 billion from Tuesday's 1.951 billion shares valued at RM2.439 billion.

The FBM KLCI opened 1 point lower at 1525.43 and plunged to the intra-day low of 1505.36 within the first thirty minutes of the day, losing 21.07 points at its worst, but was quickly rebounded and closed off low at 1520.00. Chart-wise, the FBM KLCI formed a hammer candlestick, which is a bottom reversal signal. It indicates strong buying support by bargain-hunters when the key index fell to level near the psychological support of 1500. The key index may see further rebound today and 1525 would be an important resistance level to watch, as it is the 50% Fibonacci retracement level.

MACD continued to slide lower, as shown by the longer histogram southward, indicating the downward momentum is picking up steam. RSI (14) is lower at 38.5, indicating the FBM KLCI is in a very bearish state. Stochastic is at 14, and continued to slide lower into the oversold zone, indicating the market strength is very weak at the moment and the down cycle may continue. Readings from the indicators shows a very weak and bearish condition of the FBM KLCI for the short term.

The short term trend of the FBM KLCI remained to be down, while its medium and long term uptrend is still intact. The key index is now closing right on the medium term 60-day moving average, which post as a critical support for the medium term trend of the FBM KLCI. If this level could not hold, then the key index may continue its downtrend to the 1500 to 1480 zone.

Overnight, the Dow rose +8.25 points or +0.07% higher to close at 11,985.44. Today the FBM KLCI is likely to trade within a range of 1487 to 1546.

This week's expected range: 1508 – 1605
Today’s expected range: 1487 – 1546

Resistance: 1529, 1537, 1546
Support: 1487, 1496, 1508

FBM KLCI - short term downtrend

Stocks on Bursa Malaysia ended bearish yesterday following persistent profit-taking activities ahead of the forthcoming Chinese New Year and shorter trading period next week. Key regional markets, however, were mostly higher. The FBM KLCI ended the day 16.54 points or 1.07% lower at 1,526.43 after opening 0.26 of a point easier at 1,542.71 points. Decliners led advancers by 511 to 292 while 278 counters were unchanged. Volume increased to 1.951 billion shares, valued at RM2.439 billion, from Monday's 1.833 billion shares valued at RM2.210 billion.

The FBM KLCI opened 0.21 point lower but rebounded to touch the intra-day high of 1544.85 within the first fifteen minutes taking cue from the strong overnight performance of Wall Street. However, persistent profit-taking activities continued to press the key index lower to close the day at its lowest point of 1526.43. Chart-wise, the FBM KLCI formed a bearish long black candlestick, coupled with high volume, indicates continuous liquidation by big-players. The key index was down consecutively for the last five trading days and has retrace almost fifty percent of its up move range from the pivot low of 1474.02 on November 29, 2010 to its pivot high of 1576.05 registered on January 6, 2011. If the selling continues, the key index may slides lower towards the 61.8% retracement level at 1514 and the 78.6% level at 1496.

MACD continued to slide lower, indicating a pick up in the downward momentum. RSI (14) slid lower to 41.2, indicates the key index has turned bearish for the short term. Stochastic continued to slide lower to 22.6, is coming near the oversold zone and some rebound maybe expected soon.

The short term trend of the FBM KLCI is now down, while the medium to long term uptrend still remained intact. The key index has now breached the 30-day moving average (MA) support at 1536 and also the critical support level at 1528, and it is likely to move lower to test the 60-day MA support at 1520. The 60-day MA has been providing good support to the uptrend all this while, if it does not hold, then 1514 and 1500 will be the next lower targets.

Overnight, the Dow fell a marginal -3.33 points or -0.03% lower to close at 11,977.19. Today the FBM KLCI is likely to trade within a range of 1501 to 1563.

This week's expected range: 1508 – 1605
Today’s expected range: 1501 – 1563

Resistance: 1538, 1550, 1563
Support: 1501, 1514, 1520

FBM KLCI - lower on continued selling pressure

Stocks on Bursa Malaysia ended lower yesterday as investors stayed cautious despite a longer-term positive outlook. Many remained on the sidelines ahead of Chinese New Year celebrations next week, and fears that China would raise interest rates again to suppress strong inflation also led investors to book profits in some Asian markets. The FBM KLCI which opened 2.93 points higher at 1,550.36 was dragged down by profit-taking activities to close 4.46 points or 0.29% lower at 1,542.97. Decliners led advancers by 548 to 258 while 282 were unchanged. Volume declined to 1.833 billion shares valued at RM2.210 billion from 1.891 billion shares worth RM3.159 billion last Friday.

Taking cue from the strong performance of Wall Street last Friday, the FBM KLCI opened 2.93 points higher at 1550.36 and surged to the intra-day high of 1550.95 within the first five minutes, thereafter, profit-taking activities set in and sent the key index to the intra-day low of 1539.48, losing 7.95 points at its worst. Bargain-hunting activities which surfaced in the afternoon helped lift the key index to close off low at 1542.97. Chart-wise, the FBM KLCI formed a bearish black candlestick, which indicates continuation of the down trend. The key index actually came near the 38% Fibonacci retracement level at 1538 and rebounded off it. If this level cannot hold, then the key index may continue its southward journey to test the lower support at 1531 and 1528.

MACD continued to slide lower and the histogram is getting longer in the negative territory, indicating a pick up in the downward momentum. RSI (14) at 49.4 has broken the 50 level, which indicates the relative strength of the key index has turned mildly bearish for the short term. Stochastic continued sliding lower to 51.9, indicates the down cycle is picking up steam. Readings from the indicators indicates that the FBM KLCI is likely to continue with its correction and consolidation process.

As the FBM KLCI is currently below the short term 5, 10 and 20-day moving average, the short term trend remained down, while the medium and long term uptrend is still un-spoilt. Immediate overhead resistance zone is at 1550 to 1560, while the downside support zone is at 1538 to 1528.

Overnight, the Dow rallied +108.68 points or +0.92% higher to close at 11,980.52. Today the FBM KLCI is likely to trade within a range of 1526 to 1562.

This week's expected range: 1508 – 1605
Today’s expected range: 1526 – 1562

Resistance: 1550, 1556, 1562
Support: 1526, 1533, 1538

Stocks to watch: HWGB, OLYMPIA, SEG

FBM KLCI - poised to consolidate further

Stocks on Bursa Malaysia were in correction mode last week, with the benchmark FBM KLCI ended the week lower amid bearish market sentiments as most investors booked profits after the recent strong run-up. The FBM KLCI closed last Friday 19.08 points or 1.22% lower at 1,547.43 after opening 6.89 points lower at 1,559.62. On a Friday-to-Friday basis, the FBM KLCI fell 22.46 points from previous Friday’s 1,569.89 to 1,547.43. Total weekly volume fell to 7.133 billion shares valued at RM9.585 billion from 12.254 billion shares worth RM13.678 billion the previous week.

The FBM KLCI opened last Monday with an up gap of 3.58 points at 1,573.47 and closed the day at its day’s high of 1,574.49, charting another new record close. The key index hit the intra-day high of 1,576.42 on Tuesday before heavy profit taking activities sent it to close lower at 1,570.04. The FBM KLCI continued its correction last Wednesday to close another 3.53 points lower at 1,566.51, and on Friday the FBM KLCI opened with a huge gap of 6.89 points and slid lower throughout the day on heavy selling pressure, doing a catch-up on regional weakness as Bursa Malaysia was closed for Thaipusam celebration on Thursday.

On the weekly chart, the FBM KLCI formed a long black candlestick which confirmed the top reversal signal generated by the hanging-man candlestick formed the previous week. With this candlestick formation, the key index is likely to further correct itself this week to find its support or bottom. On the daily chart, the FBM KLCI formed a bearish long black candlestick with a huge down gap at 1559.62, and the formation of this candlestick indicates heavy liquidation by the big players as the volume surged above its 30-days average. Consequently, the key index is likely to continue with its correction and consolidation this week. Key support is expected at 1538, the 38% Fibonacci retracement level; 1532, the pivot high and 1528, the close formed on November 10, 2010.

Weekly MACD has hooked down after making a golden-cross two weeks ago, indicating a correction or pull-back after a strong up move. It is, nonetheless, still above its weekly signal line. Daily MACD, on the other hand, has made a dead-cross, which indicates a strong correction of the key index, and the correction is expected to continue.

Weekly RSI (14) slid lower to 70.3 from 79.2 a week ago, reflecting the heavy correction and may continue its downward momentum to slide lower. Daily RSI (14) plunged to 52 from 65.7, and has moved into the neutral zone.

Weekly Stochastic at 87.1 has also hooked down, but is still above its slow stochastic line, reflecting the pullback, while daily Stochastic has plunged below the 80 level to 72.4, indicating the beginning of another down cycle and weakening of the market strength.

The FBM KLCI is now closing below its 5, 10 and 20-day moving averages (MA), hence, the short term trend is down. The MAs are expected to continue exerting selling pressure onto the key index, and is likely to slide towards the 30-day MA which is currently at 1535. The main support zone would be at 1538 to 1528. The medium to longer term uptrend is, however, still intact.

The local bourse is likely to be in a consolidation or base-building phase this week as investors would prefer to be on the sideline before a long holiday. Next week has only one day trading on Monday and half a day on the Chinese New Year eve. Nonetheless, while the key index stocks may take a breather this week, the second and third liners may remain active on rotational play mode. One should look at the correction as an opportunity to buy into quality shares as the market may reverse its short term downtrend post Chinese New Year holiday.

Last Friday, the Dow rebounded +49.04 points or +0.41% higher to close at 11,871.84. This week, the FBM KLCI may trade within a range of 1508 to 1605, and for today it is likely to trade within a range of 1530 to 1572.

This week's expected range: 1508 – 1605
Today’s expected range: 1530 – 1572

Resistance: 1556, 1564, 1572
Support: 1530, 1538, 1543

FBM KLCI - a healthy correction

Stocks on Bursa Malaysia ended lower on Tuesday on extended technical sell-off of most counters, especially financial and small-cap stocks. The finance counters was hit by consistent profit-taking ahead of the monetary policy committee meeting of Bank Negara Malaysia next Thursday. The FBM KLCI stood at 1,566.51 points, down 3.53 points or 0.22% after opening 1.19 points lower at 1,568.85. Market breadth was negative with losers overtaking gainers by 545 to 293 while 270 counters were unchanged. A total of 1.632 billion shares, valued at RM2.204 billion, were traded against 1.704 billion shares, worth RM2.02 billion, registered on Tuesday. The local bourse was closed for Thaipusam Holiday yesterday.

The FBM KLCI opened 1.19 points lower and continued trading lower throughout the day to touch the intra-day low of 1561.87, losing as much as 8.17 points before a last minute buying of selected heavyweights which lifted the key index to close off low. Chart-wise, the FBM KLCI formed a hammer candlestick, which is a bottoming signal. It indicates sellers were initially dominant in pushing the key index down, but buyers later surfaced to push it up. Immediate support is at 1558.

MACD continued to slide lower, indicating a continued loss in the upward momentum and turning into downward momentum for the short term. RSI (14) is lower at 65.7, indicating a continued loss of the market strength; nevertheless, it is still in the bullish zone. Stochastic has crossed below its slow stochastic line, but is till above the 80 level, hence, it could just well be a correction. Readings from the indicators indicated a loss in the upward momentum and market strength; however, as all three indicators are still in their respective bullish zone, it reflects a short term correction which is considered healthy.

The key index is now closing below the short term 5 and 10-day moving averages which may continue to exert selling pressure onto the key to further consolidate. If the key index is able to hold well above the immediate support at 1558, the consolidation should be viewed as an opportunity to further collect quality shares. If the support at 1558 could not hold, then it may slide further downward to the next support zone at 1550 to 1532. The medium to longer term uptrend, nevertheless, remained intact.

As the Chinese New Year is approaching, the market may continue to see more profit-taking activities by those who want to lock in profit before the festive holiday. Overnight, the Dow fell -2.49 points or -0.02% to close marginally lower at 11,822.80. Today, the FBM KLCI is likely to trade within a range of 1555 to 1576.

This week's expected range: 1542 – 1594
Today’s expected range: 1555 – 1576

Resistance: 1570, 1573, 1576
Support: 1555, 1558, 1562

Stocks to watch: POS, PENERGY, MUTIARA, MITRA, EKOVEST, BORNOIL, MASTEEL, KUB

FBM KLCI - lower on heavy profit-taking

Stocks on Bursa Malaysia closed in negative territory yesterday, as investors resorted to profit-taking after hitting historic high, while regional market was weak with no overnight lead from Wall Street which was closed for a public holiday. The FBM KLCI fell 4.45 points or 0.28% to 1,570.04 after opening 1.43 points higher at 1,575.92. Market breadth was negative with losers leading gainers by 731 to 174 while 230 counters were unchanged. A total of 1.704 billion shares worth RM2.02 billion were traded against 1.907 billion shares valued at RM2.201 billion on Monday.

The FBM KLCI opened 1.43 points higher at 1575.92 and hit the intra-day high of 1576.42 within the first fifteen minutes, thereafter, profit-taking activities dominated the floor and pushed the key index to the intra-day low of 1567.91, before some late buying of selected blue-chips helped lift the key index off low to close at 1570.04. Chart-wise, the FBM KLCI formed a bearish engulfing candlestick, a key reversal candlestick pattern, which indicates sellers were dominant throughout the day in pushing the key index lower. Hence, the FBM KLCI is likely to further consolidate itself. Immediate support is provided by the 10-day moving average (MA) at 1568, which looks fragile, and the pivot low at 1558.

MACD has turned downward, albeit still above its signal line, indicated a change in the direction of the momentum and possible further correction ahead. RSI (14) fell to 68.8 from 72.8, indicated the market strength is reducing. Stochastic is at 91.5 and has hooked downward, but is still above its slow stochastic line, reflected the correction of the key index. Signals from the indicators indicated possible further correction of the FBM KLCI in the near term.

The FBM KLCI has closed below the 5-day MA but is just above the 10-day MA. If the key index breaks below the 10-day MA, it is likely to slide further southward to the pivot support at 1558 and 1550. The underlying medium to longer term uptrend, nonetheless, is still very much intact. Immediate downside support zone is at 1566 to 1558 while the overhead resistance is at 1577. The market is likely to see more profit-taking activities over the next two weeks as players lock in their pre Chinese New Year “Ang-Pow”.

Overnight, the Dow rose +50.55 points or +0.43% to close higher at 11,837.93. Today, the FBM KLCI is likely to trade within a range of 1557 to 1585.

This week's expected range: 1542 – 1594
Today’s expected range: 1557 – 1585

Resistance: 1575, 1580, 1585
Support: 1557, 1562, 1566

FBM KLCI - at new record close

Stocks on Bursa Malaysia ended on a firm note yesterday with the key index at a new high, boosted by gains in finance stocks and key blue-chips amid strong foreign buying, and most of the action was centred on small-capitalised stocks and the market momentum was also helped by Wall Street’s gains on Friday. The FBM KLCI gained 4.6 points, or 0.3%, to end at 1,574.49, surpassing the all-time closing high of 1,572.21 on Jan 7, 2011. Gainers led losers by 412 to 410 while 312 counters were unchanged. Trading volume decreased to 1.907 billion shares valued at RM2.201 billion from 2.144 billion shares valued at RM2.537 billion last Friday.

The FBM KLCI opened with an up gap of 3.58 points at 1,573.47 and moved to the morning session high of 1,574.05. Profit-taking activities which appeared almost instantly pushed the key index to its intra-day low of 1,570.63 before the key index recovered gradually to close at its day’s high of 1,574.49, charting another new record close. Chart-wise, the FBM KLCI formed a small white hammer like candlestick, which indicates low volatility, but the bulls were in control for the day. Having closed at a new historical highest close level, the FBM KLCI is poised to challenge its next record high of 1576.95 and the 1600 psychological level in the near term.

MACD continued to move higher, but its histogram is declining, indicating weak upward momentum. RSI (14) has hooked up and is at 72.9, is still in the very bullish zone. Stochastic at 92.6 has continued to move higher, indicating a continued up cycle and the market strength. Readings from the indicators indicated the FBM KLCI is still in the bullish state albeit showing a weak upward momentum.

The FBM KLCI has resumed its bullish uptrend and is now above all the short, medium and long term moving averages. Immediate overhead resistance zone is at 1577 to 1580, while the immediate downside support zone is at 1566 to 1558.

The FBM KLCI is expected to remain buoyant although the upward momentum is slow at the moment, while the overall market is expected to be active with rotational play on second and third liners. US market was closed yesterday for a public holiday. Today, the FBM KLCI is likely to trade within a range of 1568 to 1580.

This week's expected range: 1542 – 1594
Today’s expected range: 1568 – 1580

Resistance: 1576, 1578, 1580
Support: 1568, 1569, 1571

FBM KLCI - likely to be range-bound with an upward bias

Stocks on Bursa Malaysia closed lower last Friday, weighed down by profit-taking activities. The FBM KLCI was 1.67 points or 0.11% lower at 1,569.89 after opening 0.73 points higher at 1,572.29. Week-on-week, the key index fell 3.32 points to 1,569.89 from previous Friday’s 1,572.21. Total weekly volume rose to 12.254 billion shares worth RM13.678 billion from 10.7 billion shares worth RM15.255 billion the previous week.

The local bourse was very much in profit-taking consolidation last week. The FBM KLCI opened the week 2.43 points higher at 1574.64 and hit the intra-week high of 1576.37 but succumb to heavy profit-taking on Monday. The key index hit the intra-week low of 1,558.64 on Tuesday and rebounded from there to eventually close the week at 1,569.89.

On the weekly chart, the FBM KLCI formed a hanging-man candlestick, which is a top reversal signal. With the appearance of this candlestick, the FBM KLCI is likely to continue with its consolidation this week, unless there are strong enough factors that can propel the key index to higher ground.

On the daily chart, the FBM KLCI also formed a hanging-man like candlestick last Friday, where the key index was basically in profit-taking mode throughout the day until a last minute buying of selected key heavyweight which lifted the index to close marginally lower.

Weekly MACD continued to move higher after making a golden-cross the previous week, indicating the weekly momentum had turned positive. Daily MACD, however, is turning flat, coupled with the declining histogram indicates a continued loss in the daily upward momentum.

Weekly RSI (14) is lower at 79.2 after hitting the overbought reading of 80.2 the previous week, reflecting the correction last week. Nonetheless, the weekly RSI reading shows that the key index is still in the very bullish zone. Daily RSI (14) at 71.3 has hooked downward, reflecting the correction last Friday, it is however, still in the very bullish zone.

Weekly Stochastic had continued to move higher to 91.5, and so is the daily Stochastic which has cross above its slow stochastic line, indicating a continuation of the up cycle.

The underlying uptrend of the FBM KLCI is still very much intact, except that for the very short term it might continues with its range-bound move until it is able to break above the immediate strong overhead resistance at 1577. If that happens, we may see the FBM KLCI climb higher to test the next psychological resistance at 1600.

For this week, share prices on Bursa Malaysia are expected to be steadier, as the market fundamentals remained firm following positive corporate and economic news on the local front as well as on overseas markets. The FBM KLCI may continue with its range-bound mode with an upward bias, while rotational play on second and third liners is expected to remain dominant. Last Friday, the Dow rose +55.48 or +0.47% higher to close at 11,787.38. This week, the FBM KLCI may trade within a range of 1542 to 1594, and for today it is likely to trade within a range of 1559 to 1580.

This week's expected range: 1542 – 1594
Today’s expected range: 1559 – 1580

Resistance: 1573, 1577, 1580
Support: 1559, 1562, 1566

Stocks to watch: GUOCO, YTLLAND, JAVA, COASTAL, WASEONG

FBM KLCI - higher but lack momentum

Stocks on Bursa Malaysia ended broadly higher yesterday, backed by gains in blue-chips led by Genting. Investor confidence was lifted by positive economic numbers from the Euro-zone and US markets. The FBM KLCI rose 5.07 points or 0.32% to 1,571.56 after opening 4.25 points higher at 1,570.74. Gainers led losers by 528 to 341 while 305 were unchanged. Volume increased to 2.704 billion shares valued at RM3.001 billion compared with 2.473 billion shares worth RM2.703 billion on Wednesday.

The FBM KLCI opened with an up gap of 4.25 points at 1570.74 and surged to the intra-day high of 1573.36 within the first twenty minutes. Profit-taking activities emerged and pressed the key index to the intra-day low of 1567.61. The key index rebounded and was hovering in a tight range before last minute buying of selected heavyweights push it to close higher at 1571.56. The price action of the FBM KLCI led to the formation of a Doji candlestick, which indicates indecision of market direction albeit closing higher.

MACD continued to move higher, but its histogram was getting shorter, indicating a slow down in the upward momentum. RSI (14) is at 72.7 and has continued to move higher into the very bullish zone. Stochastic is at 85.6, and has hooked up, indicating a mild pick up in the short term market strength. Weak signals from the indicators hinted that the key index may continue with its range-bound move.

The FBM KLCI has again closed above the short term 5-day moving average (MA), which indicates a resumption of its very short term uptrend. The medium and longer term uptrend remained intact. Immediate strong overhead resistance is now at the record high level of 1576.95, while the downside support is at 1558 to 1550.

The market may see more profit-taking activities today after the recent strong rally and coming to the weekend. Overnight, the Dow fell -23.54 points or -0.20% to close lower at 11,731.90. Today, the FBM KLCI is likely to trade within a range of 1562 to 1579.

This week's expected range: 1485 – 1630
Today’s expected range: 1562 – 1579

Resistance: 1574, 1577, 1579
Support: 1562, 1565, 1568

Stocks to watch: TA, TEBRAU, KINSTEL

FBM KLCI - rebounded to close higher

Stocks on Bursa Malaysia ended higher yesterday supported by continued buying in heavyweights. The announcement by the government on the 19 Entry Point Projects valued at RM67 billion under the Economic Transformation Programme had boosted buying interest in the local market, especially in oil and gas-related stocks. The FBM KLCI rose 3.55 points or 0.23% to 1,566.49, after opening 1.42 points higher at 1,564.36. Advancers led decliners by 460 to 406 while 273 were unchanged. Volume declined to 2.473 billion shares worth RM2.703 billion from Tuesday’s 2.706 billion shares valued at RM2.637 billion.

The local market started the day on a positive note as investors took cue from the higher overnight close on Wall Street, which saw the FBM KLCI opened 1.42 points higher and surged to the intra-day high of 1569.08 within the first fifteen minutes. Profit-taking activities which appeared immediately pressed the key index lower to touch the intra-day low of 1562.73, before late afternoon buying in selected heavyweights lift the key index to close higher. Chart-wise, the price action of the FBM KLCI formed a spinning-top candlestick which confirmed the bottom reversal signal issued by the morning-star candlestick formed on Tuesday. The key index is expected to continue moving higher to re-test its recent high.

MACD continued to climb higher, but at a much reduced pace, as shown by the shorter histogram, indicating a slow down in the upward momentum. RSI (14) at 71 had hooked up gently, and is back to the very bullish zone. Stochastic continued to move lower, indicating the consolidation process is still in place. Signals from the indicators show that the momentum of the FBM KLCI has not really pick up, and might continue its sideways range-bound mode with an upward bias.

The FBM KLCI is currently closing right on the 5-day moving average (MA), and the underlying trend remained up. Immediate overhead resistance zone is at 1570 to 1576, while the immediate downside support zone is at 1558 to 1550. The overall market is expected to remain active with rotational play on second and third liners, while the key index may remain range-bound with an upward bias.

Overnight, the Dow rose +83.56 or +0.72% higher to close at 11,755.44. Today, the FBM KLCI is likely to trade within a range of 1556 to 1576.

This week's expected range: 1485 – 1630
Today’s expected range: 1556 – 1576

Resistance: 1569, 1572, 1576
Support: 1556, 1559, 1563

Stocks to watch: GUOCO, ANNJOO, MIECO, SEALINK

FBM KLCI - marginally lower

Stocks on Bursa Malaysia closed mixed yesterday with the key index staying in negative territory throughout the day on profit-taking in selected heavyweights. The FBM KLCI shed 0.58 point or 0.04%, to 1562.94 after opening 4.25 points lower at 1559.27. Advancers led decliners by 437 to 426 while 282 were unchanged. Volume increased to 2.706 billion shares valued at RM2.637 billion from 2.226 billion shares valued at RM2.800 billion on Monday.

The FBM KLCI opened 4.25 points lower at 1559.27 and rebounded to the intra-day high of 1565.33 within the first half an hour, but continued selling pressure arising from profit-taking activities pressed the key index back into the negative territory and was hovering there for the rest of the day. A last minute buying of selected heavyweights helped lift the key index off low to close almost unchanged at 1562.94. Chart-wise, the FBM KLCI formed a small white candlestick in star position, and may potentially form a morning-star, a bottom reversal pattern, pending confirmation today. The FBM KLCI may have seen its temporary bottom at 1558.64, the intra-day low of yesterday.

MACD continued to climb higher, but is tapering off, as shown by its shorter histogram, indicating a slow down in the upward momentum. RSI (14) fell marginally lower to 69.8, is at the borderline of the bullish zone. Stochastic continued to slide lower, and is below its slow stochastic line, indicating the correction is still in progress. Readings from the indicators indicated that the FBM KLCI is still in its correction mode.

The FBM KLCI is currently below its 5-day moving average (MA) but is above its 10-day MA, which is typical during short term correction. The longer term underlying uptrend, however, remained intact. Immediate downside support zone for the FBM KLCI is at 1558 to 1548, while the overhead resistance zone is at 1566 to 1576. The overall market is expected to remain active with rotational play on second and third liners, while the key index may remain range-bound.

Overnight, the Dow rose +34.43 or +0.30% higher to close at 11,671.88. Today, the FBM KLCI is likely to trade within a range of 1552 to 1572.

This week's expected range: 1485 – 1630
Today’s expected range: 1552 – 1572

Resistance: 1566, 1569, 1572
Support: 1552, 1555, 1559

Stocks to watch: TWSCORP, STONE, FAVCO, RAMUNIA

FBM KLCI - lower on profit-taking

Stocks on Bursa Malaysia ended mixed yesterday on profit-taking activities after five consecutive days of strong rally. A weaker key regional and US markets also encouraged investors to trim their positions. The FBM KLCI fell 8.69 points or 0.55% to 1563.52 after opening 2.43 points higher at 1574.64. Decliners led advancers by 478 to 427 while 233 were unchanged. Volume declined to 2.226 billion shares valued at RM2.800 billion from 2.536 billion shares worth RM3.454 billion last Friday.

The FBM KLCI opened 2.43 points higher at 1574.64 and hit the intra-day high of 1576.37 within the first fifteen minutes, heavy profit-taking activities then appeared and pressed the key index to the intra-day low of 1561.55, losing as much as 10.66 points at its worst. The key index rebounded weakly to close off low at 1563.52. Chart-wise, the FBM KLCI formed a bearish engulfing candlestick which confirmed the top reversal signal issued by the hanging-man candlestick formed last Friday. With the formation of a bearish engulfing candlestick, the FBM KLCI is likely to correct further downward, and the immediate strong support is expected at 1550, the psychological support level.

MACD continued to move higher but at a reduced pace, as shown by its shorter histogram which indicates a correction is in progress. RSI (14) has turned downward and is at 70.3, still in the very bullish zone. Stochastic has crossed below its slow stochastic line, which confirmed the correction.

The FBM KLCI may corrects further, and the short term 10-day moving average which is currently at 1542 will provide a good support to key index during the pull-back. Nevertheless, the underlying uptrend of the FBM KLCI is still unspoiled, and any pull-back should be viewed as an opportunity to further collect quality shares at lower price level.

The overall market is expected to remain active with rotational play continued in the second and third liners. Overnight, the Dow fell -37.31 or -0.32% lower to close at 11,637.45. Today, the FBM KLCI is likely to trade within a range of 1543 to 1591.

This week's expected range: 1485 – 1630
Today’s expected range: 1543 – 1591

Resistance: 1573, 1582, 1591
Support: 1543, 1552, 1557

Stocks to watch: MPHB, LEADER, MUHIBAH, PETRA, BJCORP, RPB, MRCB

FBM KLCI - resumption of strong weekly upward momentum

Stocks on Bursa Malaysia had a good run last week, the first trading week of Year 2011, with the benchmark FBM KLCI continuously charting new record high, as investors bought into finance and plantation stocks, with telecommunications stocks joining the fray on Friday. The FBM KLCI closed last Friday at 1,572.21, up 3.84 points or 0.24%, maintaining its winning streak for the fifth consecutive day. Week-on-week, The FBM KLCI surged 53.3 points, or 3.5 per cent, to close at a historic high of 1,572.21, compared with the previous Thursday's closing of 1,518.91, it hit an intra-week high of 1,576.95. Total weekly volume surged to 10.7 billion shares worth RM15.255 billion from 3.624 billion shares worth RM5.355 billion the previous week.

Chart-wise, the FBM KLCI formed a bullish long white candlestick on the weekly chart, staging a strong breakout from its all time high resistance level of 1531.99, registered on Nov 10th, 2010. The formation of a long white candlestick coupled with good volume indicates a strong buying momentum which is like to propel the index to a higher level.

On the daily chart, the FBM KLCI has however, traced out a bearish hanging-man candlestick, a top reversal candlestick pattern, on last Friday despite closing at historical high. The hanging-man plus the black spinning-top candlestick which appeared on Thursday, together indicates a slow down in the upward momentum and a possible distribution. Hence, the FBM KLCI is likely to take a breather, to correct itself before resuming its uptrend to challenge new high level.

Weekly MACD had just made a golden-cross over its signal line, which is a very bullish sign when it happened on a weekly chart. The strong weekly upward momentum is expected to carry the key index into higher level. Daily MACD continued to surged higher, indicating a continuation in the upward momentum.

Weekly RSI (14) at 80.2 has again surged above the 80 level, which indicates a very bullish condition, and is overbought; hence, a pull-back is likely to take place. Daily RSI (14) continued to move higher and is at 77.1, indicates a very bullish condition of the benchmark index.

Weekly Stochastic is at 86.2 and had crossed above its weekly slow stochastic line, indicating a resumption of the weekly up cycle and strong market strength. Daily Stochastic at 92.3, has however, continued to slide lower indicating a loss in the daily market strength, and the possibility of a short term correction ahead.

Readings from the weekly indicators indicate the resumption of a strong upward momentum, while on the daily side; the indicators hinted a possible correction ahead.

The FBM KLCI has broken-out from its short term range-bound, and has resumed its upward trend. However, the appearance of the hanging-man candlestick may indicate a possible pull-back ahead. With the strong underlying uptrend, the pull-back is expected to be shallow and should be view as an opportunity to collect quality shares at lower price level.

For this week, the overall share prices are expected to continue their uptrend as investors are bullish on rosy outlook for global economic recovery, inflow of funds, a pre-Chinese New Year pent-up demand and the expectation of a general election. Last Friday, the Dow fell -22.55 or -0.19% lower to close at 11,674.76. This week, the FBM KLCI may trade within a range of 1485 to 1630, and for today it is likely to trade within a range of 1557 to 1583.

This week's expected range: 1485 – 1630
Today’s expected range: 1557 – 1583

Resistance: 1576, 1579, 1583
Support: 1557, 1560, 1566

Stocks to watch: ADVENTA, TIMECOM, MEGB, YEELEE, NOTION

FBM KLCI - another record close with the appearance of spinning-top

Stocks on Bursa Malaysia ended broadly higher yesterday with the FBM KLCI managed to finish higher at the eleventh hour, holding up its winning streak for the fourth consecutive day as losses prompted by profit taking was well absorbed. The FBM KLCI ended 2.2 points or 0.14% higher at 1,568.37 from Wednesday’s close of 1,566.17, after touching an intra-day high and low of 1,576.95 and 1,562.75, respectively. Gainers led losers by 570 to 295 while 284 counters were unchanged. Volume amounted to 2.204 billion shared worth RM3.141 billion, down from 2.346 billion shares, valued at RM3.69 billion registered on Wednesday.

The FBM KLCI opened with an up gap of 4.56 points at 1570.53 and surged to the intra-day high of 1576.95 within the first thirty minutes. Heavy selling pressures arising from profit-taking activities pushed the key index down to its intra-day low of 1562.75, losing 3.42 points at its worst, and the key index continue to hover in the negative territory until the eleventh hour where buying of selected blue-chips helped pushed the key index back to its positive territory to register another record close. Chart-wise, the FBM KLCI formed a black spinning-top candlestick which indicates hesitation of the key index to move forward after climbing to such height within a short span of four days. The appearance of this candlestick, a form of Doji, may forewarn of a possible turning point when appeared after an uptrend.

MACD continued to surge higher, indicating a continuation in the upward momentum. RSI (14) rose marginally higher to 76.2, and is tapering off, indicates a slow down in the upward strength, while Stochastic has taken the lead to hook downward, albeit still above its slow stochastic line, indicates a possible correction ahead.

The FBM KLCI is currently in a very strong uptrend. The appearance of a spinning-top candlestick may forewarn of impending pull-back, nevertheless, any pull-back should be viewed as an opportunity to collect quality shares at lower price level. Immediate downside support is expected at 1562, 1550, 1542 and 1532.

Overnight, the Dow fell -25.58 or -0.22% lower to close at 11,697.31. Today, the FBM KLCI is likely to trade within a range of 1547 to 1591.

This week's expected range: 1488 – 1600
Today’s expected range: 1547 – 1591

Resistance: 1576, 1584, 1591
Support: 1547, 1555, 1561

FBM KLCI - the bulls continue charging

Stocks on Bursa Malaysia ended broadly higher yesterday as the bull continued to charge ahead with blue-chips hogging the limelight and the market barometer surging to yet another fresh high of 1,566.17 points, buoyed mainly by finance stocks which was in hot pursuit of investors. The FBM KLCI closed off its intra-day high of 1571.85 to settle at 1566.17, up 14.28 points or 0.92% from Tuesday’s close. Gainers led losers by 547 to 320 while 273 counters were unchanged. Trading was brisk with volume totaling 2.346 billion shares, valued at RM3.69 billion compared with Tuesday’s 2.011 billion shares, worth RM2.881 billion.

The FBM KLCI opened marginally lower by 0.3 point at 1551.59 and fell to the intra-day low of 1542.95 on profit-taking within the first half an hour of the day. Thereafter, the bulls came in and push the key index to the new record intra-day high of 1571.58, and profit-taking activities which follow pressed the key index to close off high. Chart-wise, the FBM KLCI formed a bullish white candlestick which indicates continuation of the up move, but a strong resistance was seen at 1571 level, and the key index is likely to re-test this level.

MACD continued to climb higher in a parabolic manner, indicating a strong increase of the upward momentum. RSI (14) continued to surge higher to 75.6, indicating very bullish market strength, but is stepping into the short term overbought zone. Stochastic at 95.9 has continued to climb higher, indicating a strong continuation of the up cycle. Readings from the indicators indicate a very bullish undertone of the FBM KLCI, and this momentum is expected to continue for a while. However, as the short term indicators are entering the overbought zone, some pull-back is expected, but would be shallow.

The FBM KLCI is now in a very strong uptrend as it moves further away from all its moving averages, and a pull-back is expected soon. However, any pull-back should be viewed as an opportunity to accumulate quality shares at lower price level. Judging from the market’s swift momentum, the local bourse is set to test the 1600 level soon, a key psychological resistance level.

Overnight, the Dow rose +31.71 or +0.27% higher to close at 11,722.89. Today, the FBM KLCI is likely to trade within a range of 1520 to 1600.

This week's expected range: 1488 – 1600
Today’s expected range: 1520 – 1600

Resistance: 1578, 1589, 1600
Support: 1520, 1531, 1548

Stocks to watch: MUDAJYA

FBM KLCI - charting another new historical close

Stocks on Bursa Malaysia closed broadly higher yesterday with the benchmark FBM KLCI breaching the psychological mark to end at a new high for the second consecutive day, fueled mainly by gains in plantation stocks. Positive vibes from most regional equities market, supported by overnight gains on Wall Street has also prompted the momentum in the local bourse. The FBM KLCI gained 18.47 points or 1.2% to end at 1551.89 in brisk trading. Advancers thumped decliners by 637 to 233 while 262 counters were unchanged. Total volume surged to 2.011 billion shares, worth RM2.88 billion, from Monday’s 1.608 billion shares valued at RM2.09 billion.

The FBM KLCI opened 1.15 points higher at 1534.57 and continued moving higher throughout the day with intermittent mild profit-taking activities. It closed at the highest point of the day at 1551.89. Chart-wise, the FBM KLCI formed a bullish Marubozu candlestick which indicates buyers were in control throughout the day. With this bullish move, the key index is expected to continue with its upward momentum to move higher. Nevertheless, a long white candlestick appearing at the high level could also indicate distribution, and a pull-back is expected soon.

MACD continued to surge higher, indicating a strong upward momentum. RSI (14) jump to 71.8 from 65.2 a day earlier, is moving into the very bullish zone, and is a little overbought for the short term, a pull-back may be expected soon. Stochastic is at 90.8, and continued to climb higher into the overbought zone, which indicates very strong market strength. Readings from the indicators indicate a very bullish condition of the FBM KLCI, nevertheless, it is a little overbought, and a pull-back is expected soon.

With the strong up move over the last two days, the FBM KLCI has resumed its short term uptrend, and the medium and long term uptrend remained intact. The FBM KLCI is now moving into an uncharted territory, and is technically very bullish. Any pull-back shall be viewed as an opportunity to accumulate quality shares at lower level.

Overnight, the Dow rose +20.43 or +0.18% higher to close at 11,691.18. Today, the FBM KLCI is likely to trade within a range of 1522 to 1569.

This week's expected range: 1488 – 1550
Today’s expected range: 1522 – 1569

Resistance: 1558, 1564, 1569
Support: 1522, 1528, 1540

FBM KLCI - a good start of the pre-Lunar New Year Rally

Stocks on Bursa Malaysia ended broadly higher yesterday, the first trading day of the New Year. The FBM KLCI gained 14.51 points or 0.96% to end at a historic high of 1533.42 backed by gains mainly in plantation and key heavyweight stocks. The benchmark index touched a new all-time intra-day high of 1535.02, after opening 5.62 points higher at 1524.53. Gainers thumped losers by 664 to 195 while 229 counters were unchanged. Total volume surged to 1.608 billion shares, worth RM2.09 billion, from last Thursday’s 1.119 billion shares valued at RM1.872 billion.

The FBM KLCI opened with an up gap of 5.62 points at 1524.53 and continued moving higher on strong buying momentum amid intermittent mild profit-taking activities. It touched an intra-day high of 1535.02 before retracing slightly to close off high. Chart-wise, the FBM KLCI formed a bullish white candlestick with short upper shadow which indicates the bulls were in control of the day. The key index is now in the uncharted territory, and is expected to continue its upward momentum to scale new high.

MACD continued to surge higher, as shown by the long histogram, indicates a pick up in the upward momentum. RSI (14) rebounded to 65.2, and is back to the bullish zone. Stochastic is at 86.4, and has continued to climb higher, indicating the continuation of the up cycle in the market strength. Readings from the indicators show a pick up in the market momentum, and the FBM KLCI is expected to move higher on the back of this upward momentum.

The short term trend of the FBM KLCI again turned upward, as shown by the wider distance of the short term moving averages. The medium and long term uptrend remained intact. Immediate overhead resistance zone is now at 1535 to 1550, while the downside support zone is at 1521 to 1500. With the strong pick up in trading volume, the overall market is expected to remain buoyant and mark the beginning of the pre-Lunar New Year rally.

Overnight, the Dow rose +93.24 or +0.81% higher to close at 11,670.75. Today, the FBM KLCI is likely to trade within a range of 1515 to 1546.

This week's expected range: 1488 – 1550
Today’s expected range: 1515 – 1546

Resistance: 1538, 1542, 1546
Support: 1515, 1519, 1526

FBM KLCI - likely to move higher on "feel good factors"

Stocks on Bursa Malaysia ended mixed on last Thursday, Dec 30 2010, the last trading day of year 2010, as last Friday was declared a public holiday by the Prime Minister to celebrate Malaysia's maiden victory in the Asean Football Federation (AFF) Suzuki Cup championship on Wednesday. The FBM KLCI rose 7.33 points to 1518.91 compared to the previous week's closing of 1511.58. Year-on-year, the benchmark index was up 246.13 points or 16.2% compared with 1272.78 recorded on Dec 31, 2009. The FBM KLCI charted an all time record highest close of 1528.01 and a record intra-day high of 1531.99 on Nov 10, 2010.

The FBM KLCI kicked off last Monday on a cautious note with the key index up 0.14 point at 1511.90, trading was slow, as many people were already on vacation and those still in the market were not taking any chance after China raised its interest rate by 25 basis points. On Tuesday, the key index shrugged off the cautious mood on Monday and added 5.72 points to 1517.44 after touching an intra-day high of 1525.99. The benchmark index continued to move higher on Wednesday, closing 6.9 points higher at 1524.34, as investors continued to pick up selected heavyweight stocks. The FBM KLCI gave back 5.43 points to 1518.91 after touching an intra-week high of 1529.95 amid profit-taking activities on Thursday, also the last trading day for the year.

On the weekly chart, the FBM KLCI formed a white inverted hammer candlestick which is a top reversal candlestick formation; it indicates buyers were initially strong in pushing the index higher but the sellers which emerged later push it back down. As it is a white candlestick, it is not so bearish, and may just indicates strong profit-taking activities ahead a long weekend. On the daily chart, the FBM KLCI, however, formed a bearish engulfing candlestick pattern, which indicates heavy selling pressure by the bears to lock-in profit before a long weekend. The key index was in the red on a day-on-day basis, but was still in the green on a weekly basis.

Weekly MACD continued to slide lower, indicating a continued loss in weekly momentum. Daily MACD, however, continued to move higher, but its histogram turned shorter, giving out a first sign of weakening in the daily upward momentum.

Weekly RSI (14) continued to climb higher into the bullish zone and is at 73.1. Daily RSI (14), however, has hooked down sharply from 62.5 to 58.1, reflecting the heavy profit-taking activity on the last trading day, and is back to the mildly bullish zone.

Weekly Stochastic turned upward and has just made a cross over its weekly slow stochastic line, indicating a probable beginning upward cycle in the weekly momentum of the FBM KLCI. Daily Stochastic has continued to climb higher, indicating the daily up cycle is still intact despite a weak close of the key index last Thursday.

Readings from the indicators indicate that the weekly technical of the FBM KLCI is still bullish despite in a consolidation mode, while the daily technical indicators readings indicate a consolidation mode with an upward bias.

The FBM KLCI is currently above all its short, medium and long term moving averages (MA), which indicates a bullish state of the benchmark index. Immediate overhead resistance zone is at 1519 to 1532, while the immediate downside support zone is at 1516 to 1500.

Stocks on Bursa Malaysia are likely to show good momentum this week as most investors return from their year end holiday with a "feel good factors" towards the New Year. Last Friday, the Dow closed +7.80 or +0.07% higher to end year 2010 at 11,577.51. This week, the FBM KLCI may trade within a range of 1488 to 1550, and for today it is likely to trade within a range of 1503 to 1541.

This week's expected range: 1488 – 1550
Today’s expected range: 1503 – 1541

Resistance: 1526, 1533, 1541
Support: 1503, 1511, 1515