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NewsTechnical FBM KLCI expected to test all time high of 1,882 this month, says BIMB Securities.
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Technical FBM KLCI expected to test all time high of 1,882 this month, says BIMB Securities.
by Cals Mon 07 Apr 2014, 16:51
| Technical FBM KLCI expected to test all time high of 1,882 this month, says BIMB Securities. |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Monday, 07 April 2014 11:49 |
KUALA LUMPUR (Apr 7): The FBM KLCI is expected to test its all time high of 1,882 points, to BIMB Securities Research.
Its head of research, Kenny Yee told theedgemalaysia.com in a phone interview today that he expects the all time high of 1,882 to be tested by this month.
“We don’t see the buy momentum to be sustained for a long time,” he added.
BIMB Securities’ research team in a note earlier today had said that share prices on Bursa Malaysia were likely to continue its uptrend this week on the back of upbeat momentum on Wall Street, Europe and Asian regional incides.
The report, however added that most of the short-term indicators were looking good but were slightly overbought.
“Most of the short-term indicators are looking good, but slightly overbought, suggesting that any pullback is viewed as an opportunity for investors to accumulate more. Nevertheless, the recent gains had helped the bulls to carve out a short-term ascending channel,” the report said.
Immediate support for the FBM KLCI is seen at 1839 points followed by 1822 points and 1800. Resistance was placed at 1860 and 1880 levels, said BIMB Securities.
“A breach of the 1,882.20 barrier would open the gate for the bulls to explore the unknown area,” it said.
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