Thursday, July 15, 2010

RHB Research: KLCI to rechallenge 1,350 soon

KUALA LUMPUR: RHB Research Institute said due to the undisturbed rally and a successful penetration of June's high of 1,335.31, the FBM KLCI is due to rechallenge the solid overhead resistance at 1,350 soon.

In its daily trading strategy on Thursday, July 15, it said moreover, the breakthrough from 1,335.31 yesterday was accompanied by a significant improvement on the daily turnover.

'In our view, if the trading volume can maintain at around 800m ' 1.0bn shares mark, trading sentiment will turn robust.

'For the chart to turn even more bullish, the FBM KLCI must overcome the key resistance at 1,350. Beyond that level, the FBM KLCI will gear-up towards the 1,390 level and overthrow the previously cautious medium-term outlook,' it said.

RHB Research said on the downside, immediate support can be found near the 10-day SMA of 1,318 and the 40-day SMA of 1,303.

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