Sunday, January 15, 2012

KLCI Trading Sideways

Malaysia stock market remains in sideway trading range since the start of the new year.  The KLCI index has moved in an upward fashion since Dec 21 and it looks as if the index is starting to feel lethargic moving forward.

The index faces resistance at 1550 level and despite the index moving above its 200 day moving average, the market is facing headwinds which should limit the further upside.  The index has established a support at 1500 level and judging from its 2 day RSI, the index will face further pullback in the next few trading days.

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