The FBM KLCI has been trading in very volatile range in 2011 between 1597 and 1310 due to external factor from U.S (long term credit rating downgraded by S&P to AA+) and concerns over the European sovereign debt crisis, the index ended 2011 with a mild 11.82 points gains for the year.
The FBM KLCI has been trading beautifully in an uptrend channel since September 2011. Support and resistance can be found at 1493 and 1537, if the index can break above 1537 there is very high probability to retest 1560. The RSI / Stochastic indicated that the index is overbought in the near term and there is still no sign of reversal yet but need to trade with caution cause there is very likely a pullback in a near term.
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