KLSE/Bursa Futures

Last week, the was supported @ 1122 level and retraced back to 1135 level resistance and later closed @ 1134. At this moment, it could still range bound between the 1122 / 1135 level. Therefore it is still not a trading opportunity yet. However, if Monday could break through the 1135 level, could have good chance to go up to 1140 or further, the next resistance level.

But if it break down below 1130 level, then a short will be the decision. Observed the EMA and MACD. Since MACD is still on the bearish side, therefore no momentum for up move yet. Long if the MACD crosses up.

Remember, long @ support and short @ resistance.

Daily Pivot Points

Support 1: 1130 Resistance 1: 1135

Support 2: 1122 Resistance 2: 1140

Support 3: 1110 Resistance 3: 1146

On the daily chart, the is looking for a break through at the current stage. It needs an up move tomorrow so that it could reverse to a temporary up trend (SMA 5 crosses up SMA 20). Therefore if tomorrow if could close higher than 1142 (resistance), long position will be profitable in medium term. However it it closed lower (support @ 1119), could possibly form a double bottom before the next try.

Note that it has come up twice to the area which it gapped up last time (early July). 1146 will be a strong psychological resistance.

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