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CIMB Research: KLCI could attempt to cross 1,490
by hlk Fri 12 Aug 2011, 12:08
KUALA LUMPUR: CIMB Equities Research said the FBMKLCI could make another attempt to swing past the 1,490-1,500 resistance targets on Friday, Aug 12.
“However, we wish to caution investors that sustainability is the biggest challenge now. With the candles trading below its key moving averages, we expect selling pressure to accelerate when prices approach the 1,500 psychological level,” it said.
CIMB Research said on the downside, the first support is seen at the 1,445 levels while breaching Tuesday’s low of 1,423.47 would spell more trouble for the local bourse.
“Strategy wise, continue to unload on strength looks like a good option here,” it said.
“However, we wish to caution investors that sustainability is the biggest challenge now. With the candles trading below its key moving averages, we expect selling pressure to accelerate when prices approach the 1,500 psychological level,” it said.
CIMB Research said on the downside, the first support is seen at the 1,445 levels while breaching Tuesday’s low of 1,423.47 would spell more trouble for the local bourse.
“Strategy wise, continue to unload on strength looks like a good option here,” it said.
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