We are expecting a pull back for our market as yesterday surged will be taken as overdone and overnight slight declined in the DJIA will also send the FKLI to trade lower for today. Besides, the 6 points premium gained yesterday by the FKLI may need to give back for today.
Yesterday gap opening will indicate the FKLI needs to tumble to close the gap before any further uptrend is expected. At current level, we are in the opinion that the market is not a clear market for investors to initiate a short position although we perceive the 1350 level is a strong resistance level for the cash market.
We will maintain our neutral view towards the near term market and maintain our bearish bias towards the mid to long term market. The support is seen at 1330 – 1325 levels and the resistance is seen at 1350 level.
US MARKET
The immediate tough resistance is seen at 10780 level, the highest level set on 14th May before the sharp dropped set in. Breaking through this level will only send a clear signal on the uptrend, failure for this level to be taken out will indicate the near term market may fall into further consolidation phase. The support is seen at 10340 level – MA 200, which is also a very important support level.
[Reminder: US will release its Existing Home Sales (Survey 6.12M Vs Prior 5.77M) later tonight.]
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The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
US MARKET
The immediate tough resistance is seen at 10780 level, the highest level set on 14th May before the sharp dropped set in. Breaking through this level will only send a clear signal on the uptrend, failure for this level to be taken out will indicate the near term market may fall into further consolidation phase. The support is seen at 10340 level – MA 200, which is also a very important support level.
[Reminder: US will release its Existing Home Sales (Survey 6.12M Vs Prior 5.77M) later tonight.]
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The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
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