KLCI ends +1.2% at intraday high of 1060.43 in heavy volume of 1.33 billion shares to levels last seen in July '97. The index expected to extend rise next week to around 1070-1080 on sustained buying interest in blue chips from foreign funds. Better-than-expected 3Q GDP growth of 5.8% (vs. 5.5% expected) for fresh buying interest. Strong economic growth, benign inflation, expectations that the overnight policy rate will be held at 3.5% and a healthy set of quarterly earnings have attracted fresh buying interest.
KLCI
High Posibility to test 1,070-1,080 resistance zone.
For 24 NOV KLCI closed at 1,060.4301.
Overall, the bias is: Upwards.
Short term: Moving.
Intermediate term: Trending.
The projected upper bound is: 1,076.33.
The projected lower bound is: 1,048.80.
SPOTMONTH (NOV)
Testing resistance 1,060. Immediate target 1,075. Middle term target 1,105-1,115.
For 24 NOV the closing price was 1,058.5000.
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
The projected upper bound is: 1,075.09.
The projected lower bound is: 1,046.41.
ONASTEL
Possible testing immediate target 1.15. Support 1.02
For 24 NOV the closing price was 1.0700.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1.13.
The projected lower bound is: 1.02.
CUT LOSS: 1.00
APLAND
Testing resistance 0.41. Upon breakout, next target 0.44.
For 24 NOV the closing price was 0.4100.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 0.44.
The projected lower bound is: 0.38.
CUT LOSS: 0.41
TIMECOM
Breakout Resistance 0.78. Next target 0.825/0.86
For 24 NOV the closing price was 0.8000.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 0.86.
The projected lower bound is: 0.74.
L&G
Breakout Resistance 0.245. Next Target 0.285
For 24 NOV the closing price was 0.2550.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 0.28.
The projected lower bound is: 0.23.
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