KLCI was weak from the onset and externally driven. The mkt did not pay much attention to positive factors but was sensitive to negative one. After HS yesterday, European mkts spook the mkt today. As a result, FKLi saw its early premium dissapeared in a flash in late trading.FKLI, technical outlook turns negative and could shift towards short-term sell tone if 1050 fails to hold tomorrow. If 1050 does hold, mkt still remain neutral at best unless 1070 resistance is taken out. Translation : 1050-1070 not easy to trade. Jun's fall was cushioned by 7SMA and if this support fails, the next target is 14SMA or the uptrend line.
Trading plan : while the immediate action is likely to be a sell , but prefer to go long as mkt was well support above7SMA or 14SMA in the recent days. But buy-on strength above 1064.5 or 7SMA
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