FBMKLCI and Index futures testing resistance

FBMKLCI (15 minutes chart)

FBMKLCI made a short recovery after an approximate drop of 30 points 2 days back. FBMKLCI recovered 20 points from its low of 1476.82 to close at 1496.49 today. Turnover for the day is about 1.4B throughout the day and is still seen in line with the short term down trend line. However, a sharp pullback since the low of 1476 could mean market to be relatively strong and reluctant to navigate lower.

FKLI (15 minutes chart)



The Spot Index Futures made a relatively drastic recovery off the low of 1467.5 to close at 1499.5 today. The futures manage to close above the downtrend line due to mainly short covering due to a slight change of market sentiment. Asean indexes made a slight recovery as tension in the Korea eases.

Immediate resistant : 1508
Immediate support : 1482