HLIB Research - 14 March 2012
KLCI: Technical rebound amid a surge
on Dow overnight
- Tracking the rallies from Wall St and European markets, KLCI is likely
to post a technical rebound today.
- Unless the KLCI is able to close above the pivot highs of the black
candles recorded on 12 March (1580) and 7 Mar (1585) in the next few days, we
reiterate our cautious view on the market.
- Immediate key supports are the uptrend line (UTL) or 30-d SMA near 1559
and 16 Feb’s low of 1549 whilst immediate resistance is 1594 (5 Mar high) and
1597 (historical high).
MMHE: Technical rebound in the
pipeline
- Since plunging from 52-wk high of RM8.82 in June 11 to a low of RM5.01
in Oct 11, MMHE is building its base in past five months before closing at
RM5.36 yesterday. Daily technical readings are slowly on the mend and a
positive breakout above the downtrend line near RM5.40 will spur prices higher
towards RM5.47 (50-d SMA) and subsequently to retest the 100-d SMA of RM5.64.
Significant resistance zones are RM5.90-6.00. Supports are RM5.20-5.25. Cut
loss below RM5.18.
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