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CIMB Research ups KLCI key support to 1,566
by hlk Thu 14 Jul 2011, 09:56
KUALA LUMPUR: CIMB Equities Research said the FBMKLCI has formed a bullish harami pattern, which is a potential reversal signal.
“We think the pattern means that prices may have stabilised for the time being. We continue to expect more sideways movement for the immediate term but remain positive for the short to medium term,” it said on Thursday, July 14.
CIMB Research said the recent setback has neutralised the overbought situation, allowing the bulls to push on if they choose to.
“We upped our key support from 1,560 to 1,566. The index remains a buy on weakness, targeting 1,609 and 1,622,” it said.
“We think the pattern means that prices may have stabilised for the time being. We continue to expect more sideways movement for the immediate term but remain positive for the short to medium term,” it said on Thursday, July 14.
CIMB Research said the recent setback has neutralised the overbought situation, allowing the bulls to push on if they choose to.
“We upped our key support from 1,560 to 1,566. The index remains a buy on weakness, targeting 1,609 and 1,622,” it said.
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