KUALA LUMPUR: Hong Leong Investment Bank research said as anticipated, the FBM KLCI put up another good showing by closing above its envisaged resistance levels of 1,522 (upper Bollinger band) and the downtrend line from all time high of 1,532 on Wednesday, Dec 29 on mild window dressing activities.
The research house said on Thursday, Dec 30 that on the back of the positive breakout and improving technical indicators, there is a glimmer of hope that the index can break the all time high in the next few sessions, followed by 1,540-1,550 zones.
'In case of profit-taking consolidation, 1,507 (middle Bollinger band), 1,500 and 1,493 (lower daily Bollinger band) levels should provide sound supports,' it said.
HLIB Research said as mentioned earlier this week, there is a possibility of the Dow Jones Industrial Average to pullback soon amid narrowing Bollinger bands and weakening technical readings.
It said the Immediate resistance levels for the DJIA are 11,636 (upper daily Bollinger Band) and 11,818 (upper weekly Bollinger band) whilst support levels are 11,454 (middle Bollinger band) and 11,286 (50-day SMA).
The research house said on Thursday, Dec 30 that on the back of the positive breakout and improving technical indicators, there is a glimmer of hope that the index can break the all time high in the next few sessions, followed by 1,540-1,550 zones.
'In case of profit-taking consolidation, 1,507 (middle Bollinger band), 1,500 and 1,493 (lower daily Bollinger band) levels should provide sound supports,' it said.
HLIB Research said as mentioned earlier this week, there is a possibility of the Dow Jones Industrial Average to pullback soon amid narrowing Bollinger bands and weakening technical readings.
It said the Immediate resistance levels for the DJIA are 11,636 (upper daily Bollinger Band) and 11,818 (upper weekly Bollinger band) whilst support levels are 11,454 (middle Bollinger band) and 11,286 (50-day SMA).
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