Wednesday, 13 September 2017

14 Sep 2017 - Not ready to take out 1,796 yet.

A wide price band was seen on 13 Sep, with a 7.72-point range traded between 1,793.22 and 1,785.50. The index lost 3.79-points on profit-taking activities to settle at 1,786.07.  

Supports at 1,772, 1,780 and 1,784 may be obvious for 14 Sep, whilst profit taking at the 1,787, 1,796 and 1,800 resistance areas may cap the index rise. All five of its indicators (CCI, DMI, Oscillator, MACD and Stochastics) have now turned positive.

Investors will buy on dips, as the index turned into bullish territory and is above the 18 and 40 SMA on 7 Sep. The FKLI contracts (Sep, Oct, Dec 2017 & Mar 2018) remained below par (at a 2.57-points to a 9.07-points discount) against the index on some minor selling activities. 

Due to the US markets' 39.32-points minor rise for 13 Sep, the local index may be firmer today. 

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