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CIMB Research: Tussle in favour of bears
by hlk Wed 17 Aug 2011, 18:41
KUALA LUMPUR: CIMB Equities Research said the late selldown dragged the FBM KLCI into the negative territory on Tuesday, Aug 16, suggesting that the 1,500 psychological level is still a key hindrance.
“The tussle seems to favour the bears with prices trading below all its key moving averages,” it said on Wednesday.
CIMB Research said as trading activities are likely to remain volatile in the near term, investors should keep stop tight.
“If prices can swing past the 1,500 level, the next resistance is 1,509-1,514, followed by the 200-day SMA at 1,530.
“On the downside, support is at 1,445 while breaching the 1,423.47 level would spell greater trouble for the local bourse,” it said.
“The tussle seems to favour the bears with prices trading below all its key moving averages,” it said on Wednesday.
CIMB Research said as trading activities are likely to remain volatile in the near term, investors should keep stop tight.
“If prices can swing past the 1,500 level, the next resistance is 1,509-1,514, followed by the 200-day SMA at 1,530.
“On the downside, support is at 1,445 while breaching the 1,423.47 level would spell greater trouble for the local bourse,” it said.
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