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Friday, January 23, 2009

Bursa-Chat FKLI & FCPO Technical Views

By Zhuge Liang

FKLI Technical Outlook 23 Jan 2009

The KLCI ended marginally higher despite the higher than expected rate cut amid gain in regional market. The KLCI gained 5.6 pts or +0.64% to settle at 879.02 while FKLI spot month fell marginally 1 point lower to settle at 872. FKLI was gyrating in tight range between 878-876 level in the morning session but was off high during the last trading hour. The basis is now at 7 pts discount against cash.

Turnover for spot month contract decreased to 4,812 lots from 5,008 lots while open interest increased slightly to 21,362 contracts from 21,340 contracts.

Ahead of long holiday for Chinese New Year celebration, the market is expected to be lackluster with downward bias. The New Year rally in the past is unlikely to attain tracking at the movement of KLCI within the week. As range-bound trading is expected today, investors may consider to long at around 865 level and short at around 878 (SMA50) levels. The sharp rate cut announced by Bank Negara Malaysia indicates worst economy could be ahead, real impact of financial crisis on Malaysia economy is yet to be revealed. It is unlikely to have any severe slump in near trading days.

SUPPORT >>>>> 868 / 865 / 855

RESISTANCE >> 878 / 885 / 895

FCPO Technical Outlook 23 Jan 2009

Market holding well and rebounded with the resistance at 1872 has been broken to close off the intra day high. Immediate technical outlook shows a slight hook up as period-5 moving below period-15. Stochastic showing momentarily moving sideways in the neutral region with %K is approaching to meet %D at 59% and 60% zone respectively. While, parabolic is maintaining holding short with buy stop adjusted to 2005. Thus, market may continue to trade sideways in near term as indicators show mix view. For now, support is looking at 1790 followed by 1730-1740 and resistance is looking at 1913-1935 (gap leftover on 13/1/2009) followed by 1981-1998.

Immediate trend = Sideways / Higher

FCPO Technical Chart
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