Based on my last posting I did mention that the FMBKLCI is gaining strength to move higher based on several indicators but since the whole last week trading it seems that the FBMKLCI is losing its momentum and it move a bit lower and lower with an indication it might be going down further more after turning up for almost 2 weeks.
Right at these moments the SMA 20 days moving average will stand as temporary support at 1,719 point. No doubt the index close at 1,720.76 point last Friday but the MACD daily Histogram still flashes RED. From my point of view we need to be careful because if the index cannot stay above the SMA 20 days this coming week it will have great potential moving towards 1,786 point.
Local political news still poised some threat as the 1MDB issue still have long way to go. What really happen right now whether the governments are doing the right things in sorting out the issue remain unclear but I'm piss off with the government shutting down the "The Edge Daily" and "The Edge Weekly" paper from publishing for 3 months. The governments are sucks and it is really unfair and didn't show any democracy at all.
What wrong with our Prime Minister? By shutting down the publishing, it would create more hatred toward our governments. I'm doubt the FBMKLCI will move forward if our governments are not transparent enough in solving these issues.