TECHNICAL AND FUNDAMENTAL ANALYSIS

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FBMKLCI Weekly Report - Apr 28, 2019

April 28, 2019

FBMKLCI Technical Analysis

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- FBMKLCI opened and traded higher on Apr 22, 2019, but it closed near to open price.

- It never trades below Support line @ 1618.22 in past trading days. Based on FBKLCI trading volume and a gap up on Apr 24, 2018, markets seen like becoming more reasonable toward FTSE Russell's report and local economic outlook.

- After FBKLCI tested Support line @ 1618.12, we believed it completed downward wave 5 and overcome a short-term downward trend accordingly.

- MACD signal and RSI turned bullish and heading to level 80 respectively which are supported by higher trading volume. Furthermore, FBMKLCI traded slightly above EMA 20

- As a conclusion, It might able to challenge close 1st gap down on Mar 22, 2019

- Resistance R2: 1709.17

- Resistance R1: 1654.26

- Support S1: 1633.70

- Support S2: 1618.32

 

USDMYR Technical Analysis

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- Ringgit started depreciation against USD on Mar 21, 2019, and completed W bottom on Apr 8, 2019.

- After a strong USDMYR appreciation trend, it stopped at 4.1450 on Apr 18, 2018, with bearish engulfing patterns on Apr 19, 2019.

- We believe USDMYR will enter a consolidation phase in the coming week.

- Resistance R1: 4.1450

- Support S1: 4.1250

 

Economic Analysis

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- After 2 months of deflation, Malaysia inflation rate become inflation @ 0.2 as per expectation due to the higher Brent Crude oils price level.

- CPI increased by 0.2 percent as compared to February 2019. It was mainly supported by the index of Transport (+2.6 percent), Miscellaneous Goods & Services (+0.4 percent) and Furnishings, Household Equipment & Routine Household Maintenance (+0.3 percent).

 

 

 

 

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