FKLI poised to test 1,700 support, says RHB Research
KUALA LUMPUR: The FTSE Bursa Malaysia KLCI futures contract (FKLI) is poised to test the 1,700-point support level amid continued selling pressure, according to RHB Research.
The FTSE Bursa Malaysia KLCI futures contract (FKLI) is anticipated to test the 1,700-point support level due to ongoing selling pressure, according to RHB Research. The FKLI experienced a decline of 23 points, closing at 1,700 points last Friday after opening at 1,722.50 points and reaching a high of 1,732 points before dropping to a low of 1,693.50 points.
The technical setup weakened after the FKLI breached its 50-day simple moving average (SMA) line. If the selling pressure persists, the FKLI may retreat towards 1,680 points, although the bulls are expected to maintain the 1,680-point support. The FKLI is expected to resume its upward trend if it reclaims the 50-day SMA, keeping a positive trading bias during the current consolidation phase.
Meanwhile, crude palm oil futures (FCPO) continued their upward movement, rising by RM78 to close at RM4,894, indicating a strengthening uptrend.
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