FKLI - The Overdue Rebound is Here

FKLI - Expect rebound back to the peak (May 03, 2012)

Hi All.

Draw some lines on FKLI yesterday after market close, just got time to post it up now.

Looks to me our local bourse index & its futures are both bullish, I expect it to be able to climb back to the 1,607 peak made earlier in Apr'12.

After last two days' rebound from the low of 1,568-70, the FKLI has since formed a nice bottom right below the strong resistance of 1583.5. It might face further resistance there since the short-term RSI & Momentum are both making a slight lower high yesterday (May 3). However, the rebound still looks solid in the mid-term, & I believe there's a high chance of breaking the 1583.5-87.5 resistance & reclaim the 1,590 & 1,600 level within this month.

As of writing, the FKLI already retraced back to BB mid-band of 1,579, we shall then see further upside coming on for today. At the look of it, we might just be able to break above 1,583.5 resistance by today's close.

ENJOY!! HAPPY HUNTING!!