5 points higher after the pre-matching phase for the cash, pushing the FBMKLCI to close in positive territory on late bargain hunting and exclude our market from following the black closing in other regional and Europe markets. As per mentioned, at current level, the uptrend will remain intact albeit at a slower pace with the immediate tough resistance at the previous high of 1352 (futures) and 1350 (cash).
At this level, we will still remain our neutral view towards the market and will closely monitor the uptrend channel that build recently after the major correction. We will only revise our neutral call to bullish call for the cash if the previous high of 1350 is being taken out convincingly or from neutral to bearish call if the 1303 – 1300 levels being taken out convincingly.
The cash and futures may havor around the 1320 – 1345 levels for the coming week until the end of the second quarter. We are expecting some window dressing as well towards the end of second quarter. Thus, this is not a level that we will encourage investor to start accumulate selling position. Those who prefer holding long position can do so if the market trading near to the 1320 level but remembers to keep stop loss near to the 1315 level. Support for the day is seen at 1325 levels and the resistance is seen at 1335 – 1340 levels.
US MARKET
Overnight US market closed unchanged with the index being added 4 points only as the purchases of US new home sales fell. The index remains below the MA 200 level (10350) and this level need to be taken out as soon as possible to allow the uptrend in the US market to resume. As long as the index stuck below the MA 200 level, we will remain our bearish bias towards the market. The market is expected slow for tonight ahead of the GDP due to be announced tomorrow night. The support is seen at 10200 level and the resistance level will be at the MA 200 level.
[Reminder: US will release its Initial Jobless Claim (Survey 463K Vs Prior472K) 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
Overnight US market closed unchanged with the index being added 4 points only as the purchases of US new home sales fell. The index remains below the MA 200 level (10350) and this level need to be taken out as soon as possible to allow the uptrend in the US market to resume. As long as the index stuck below the MA 200 level, we will remain our bearish bias towards the market. The market is expected slow for tonight ahead of the GDP due to be announced tomorrow night. The support is seen at 10200 level and the resistance level will be at the MA 200 level.
[Reminder: US will release its Initial Jobless Claim (Survey 463K Vs Prior472K) 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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