Thursday, August 5, 2010

OSK Research: FBM KLCI upward trend intact

KUALA LUMPUR: OSK Research said the immediate technical outlook of the FBM KLCI remains bullish.

It said on Thursday, Aug 5 that the previous day's trading action saw the FBM KLCI continuing to trade listlessly, reflecting the current indecisiveness in the market.

'It was an insignificant trading day as yesterday's market action was confined within Tuesday's trading range. The immediate technical outlook of the FBM KLCI remains bullish,' it said.

OSK Research said the market has not reached an overbought condition as the daily RSI closed below the 80 point-level.

'All the index needs to do now is to surpass Tuesday's high to disconfirm the two indecisive candlestick patterns.

'Meanwhile, there is tough resistance at the 1,395 pt-level, while initial support is still seen at the 1,350 pt-level, followed by the 1,332 pt-level and the 1,326 pt-level,' it said.

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