Wall Street is still shaken. So are Asia Market. It was a double digit dip for Dow Jones on the last trading day. Greece debt crisis is keep on haunting. Amidst these, I still expect FBM KLCI shall attempt to rebound next week. That was based on last trading day KLCI and FBM100's action. Note that my bleak KLCI longer term outlook on my last blog post still hold
Based on the last trading day intraday (see 30 minutes intraday KLCI chart on the left) , FBM KLCI is poised to rebound but should be very, very mild. There was some interest to buy on dip on the last day. - the buyers still there. Thus, for the whole week, KLCI is expected ranging in a small range-bound above 1,326 pt. That what I can expect. After digesting the bad news on the weekend, how Bursa Malaysia's participants shall react next week should be 'interesting' to watch. Other than blue chips and index linked counters, I don't have much hope for other counters.
For short-term outlook 1,326 is the support level to watch.
1,300 pt is the major, crucial level to watch for bigger bearish signal.
1,300 pt is the major, crucial level to watch for bigger bearish signal.
below: FBM100 and FBM KLCI daily chart
