KLCI: Remain positive to retest 1501-1519 zones
§ Barring any external shocks of potential credit ratings downgrades on several European nations and further spreads of bird-flu pandemic from HK, FBM KLCI is likely to maintain its upside momentum to retest immediate resistance at 200-d SMA (now at 1501), followed by 2010's close at 1519. More formidable resistance is 23.6% FR at 1529. Supports are 38.2% FR (1487), mid Bollinger band (1472) and 30-d SMA (at 1467).
HIAPTEK: Upside bias as technicals are on the mend
§ HIAPTEK's prices had been trending southbound from a 52-wk high of RM1.06 (14 Jan) to as low as RM0.56 (20 Dec) after its right issue shares went ex on 14 Dec. Technically, HIAPTEK is grossly oversold and we see a technical rebound soon, reflected by the signs of bottoming up in MACD.
§ There is a good chance that HIAPTEK may reclaim the 10-d SMA (now at RM0.61) soon. A breakout above RM0.61 will spur prices higher towards mid Bollinger band (RM0.65) and 100-d SMA (RM0.69). A more formidable resistance is at 200-d SMA (RM0.75).
§ Immediate supports are lower Bollinger band (RM0.55) and RM0.50 (rights issue price). Cut loss below RM0.50.
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