After last week posting on FBMKLCI indicators, the index climb up and close higher the next day (24.04.2015). It went up almost 16.50 point to close at 1,862.58 point. Actually it caught me by surprised during that time. In the end the uptrend didn't materialize at all the next following trading day after another black candlestick appeared.
From the share market sentiment it shows that the overall momentum didn't argue very well that the FBMKLCI is trending towards up. The trend currently show more sign to move lower.
The 1,846 point currently will stand as a minor support and from the previous post I have mention before that 1,836 point still stand as a main support in order to preserve the current trend but if the index move below that point, it would be bad.
Candlestick indicators argue very well these few days showing sign of weakening momentum on FBMKLCI with "Dark Cloud" and "Shooting Star" appear on top. Indicators such as MACD (moving sideways - most probably going down) and the MACD Histogram also weakening, we might having the some same situation happen in the middle of February till end of February - a correction sell down.
It would be wise-able to stay out for a moment and monitor the whole situation before making any new commitment with no indication where the share market is heading to? Just be careful with our trade or to be more cautious.
Anyway it is just my point of views and it didn't argue one must buy or sell in the market. Anything can happen. Dow Jones Industrial Average still standing very well at this moment.
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