Daily Trading Strategy : Need More Rebound To Secure A Sentiment Change
- Although the FBM KLCI successfully rebounded to above the
10-day and 40-day SMAs yesterday and the 10-day SMA of 1,264.83 has
also escaped from cutting below the 40-day SMA of 1,263.81, we remain
skeptical over the sustainability of yesterday's rebound, given the
artificial last-minute push-up on the benchmark index.
- In our view, the FBM KLCI needs to launch further rebounds
and convincingly cross above these SMAs in the coming sessions before
it could secure a complete reversal of the recent negative trend.
- If not, the market sentiment will be vulnerable to selling
pressure on renewed external volatilities.
- While the Dubai bailout news is encouraging, we expect
trading focus to shift to a fresh market catalyst soon, i.e. the
upcoming US FOMC meeting on Tuesday and Wednesday to assess near-term
sentiment on the US dollar.
- For now, the major support level for the FBM KLCI is still
at 1,250, while near-term resistance hurdle is now pegged at Nov's
peak of 1,288.42.
Daily Technical Watch: Axiata Group - Trading within a sideways trend
from RM2.85 to RM3.30...
- 10-day SMA: RM3.043
- 40-day SMA: RM3.054
- Support: IS = RM2.85 S1 =
RM2.50 S2 = RM2.05
- Resistance: IR = RM3.30 R1 =
RM3.70 R2 = RM4.40
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