{SWC} FBM KLCI/Malaysia 30, Closing Bell (real) 14th Apr 2020

Thank you for your continued support! :)

FTSE Bursa Malaysia KLCI closed higher 15.63 points at 1.15% today.
I just noticed the previous idea was titled wrongly because I referenced my PC's time at midnight.

Asian indices were generally in the green today as China released better than expected trade data. The FBM KLCI staged a breakout at the 1360 region short term resistance and pressed onward to the 1370 region of resistance. As this was recent high on 9th Apr (1371), some volatility is expected from potential profit taking. The KLCI retraced a few points but managed to close just barely above 1371 for a technical breakout. For reference, the high on 13th March was 1369.

Bullish targets for the short term include 1383 and 1403. The 1402-1404 region should be more important given it is the junction of both hourly and 15 minutes Fibonacci extensions. For the medium term, the region around low of 12th March confluences with the MA on daily chart making 1420 a key potential resistance to take note.

Short term support remains at the 1353 region, while the key Fibonacci levels between 1371 and 1353 have potential for forming new supports. 1317 still stands as the more medium term support region.

Stay safe, everyone :)


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