Market Outlook as at September 28, 2015

FBMKLCI found support near the psychological 1600 mark, which coincides with the tentative short term uptrend line (S1-S1). The index may stage a rebound with resistance at 1660-1680.


Chart 1: FBMKLCI's daily chart as at Sep 28, 2015_11.00am (Source: ShareInvestor.com)

Meanwhile CPO continued its sharp rise today. It may soon test the horizontal resistance at RM2290-2300.

 
Chart 2: CPO's daily chart as at Sep 28, 2015_11.00am (Source: ifs.marketcenter.com)

WTIC is still consolidating within a descending triangle, ABC with support at resistance at about USD44 & USD47.


Chart 3: WTIC's daily chart as at Sep 25, 2015 (Source: Stockcharts.com)

Despite signs of improvement for crude oil & CPO, investors sentiment will still be negative due to political uncertainties. The weakened MYR will serve as the canary in the coal mine.