FBM KLCI 02-02-12

The FBM KLCI finally found a direction in the 1st trading of February as it traded sideway in January between 1500 - 1530 range. Today the index closed at 1537.09 up 15.8 points.

In my previous post FBM KLCI 18-01-12 , i'm expecting the index to move sideway until it either break above 1530 or break below 1500 to get a new direction. I got it TODAY !!!

The index continue trading above all moving average, RSI sloping upward, Bollinger Band breakout convince with high volume. Therefore, i will expect the index to test the immediate resistance which is pegged at 1560. Support can be found at 1500.