Both the S&P 500 and NASDAQ still managed to keep their heads above water despite consumer confidence index checked in well below market expectation. Besides, our market also reacted positively to the news from Invest Malaysia. The KLCI is now entering the massive “Downside Gap” created on 10 March 2008. It will not be easy for the bulls at the gap area. Although we are now eyeing the near-term market with bullish eyes, we still want to warn ahead that there is still a possibility the market could consolidate sideways within a wide zone ranging from the 1157 pts level to the 1243 pts level. Note that the key index only eked out from the 1143 pts level by 2.42 pts.
Immediate resistance for the market remains at the 1243-1296 pts area. To the downside,continue to look for an immediate support at the 1200 pts level followed by the 1157 pts level.
Immediate resistance for the market remains at the 1243-1296 pts area. To the downside,continue to look for an immediate support at the 1200 pts level followed by the 1157 pts level.
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