Based on the chart reading, the KLCI has reach it first target - 1,845 point and the second target - 1,858 point as well. At these moments based on the MACD reading, KLCI might take a hold to adjust its recent upwards after breaking the most strongest resistance level of 200 days moving average at 1,822 point.
These 200 days moving average would turn into a major support at these moments. Basically if we analyst the current share market sentiment, I would rather say the sentiment didn't picture the whole share market prices hence I would say it is not a healthy market to trade unless we are very sure on our favourite counters.
Most of the counters in Bursa Malaysia still trade below 200 days moving average. Hence I would rather say that a careful trading technic need to be implemented in order to trade in this share market.
Looking at the overall picture, the whole world share market movements currently at bullish phase with the Dow Jones Industrial Average also showing some promising signal. With the world sentiments turn bullish, will it help FBM KLCI to move higher to reach its old time high of 1,896 point ?
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