FBM KLCI 09-02-12

My last post about the FBM KLCI was at last week 02-02-12 that i'm expecting the index to reach 1560 after it break above 1530 resistance and the index closed at 1565.32 today up 12.14 points.

The index continue to trading in an uptrend and above all moving average. However, the upward momentum is weakening due to divergence were spotted in RSI, MACD and Stochastic. Therefore, i will expect a correction in the near term (maybe next week) and i will update my post once i got the confirmation, stay tune. As such, the immediate resistance is at 1580 and next level at 1597. Support can be found at 1540 or the blue support trend line which is coincide with the 20-days MA.