Two Candlestick "Hammer" appear for the last 2 trading days. It shows that the FBMKLCI is gaining some support especially during the closing trading hours. It also appear that the index closed above the 200 days moving average of 1,818 point. The 1,818 point appear to be a very strong support at these moments.
Indicators still appear weak for FBMKLCI and it didn't show any sign of improvement and the world equities markets are facing some selling momentum.
If today the FBMKLCI closed higher and stay above 1,818 point with long white candlestick, we might have some trend reversal ahead. It is still too early to tell but based on today opening at low 1,808.32 (-12.65), if the index close higher we might have a trend reversal; maybe a small technical rebound might happen to the FBMKLCI.
This is just my point of views and we cannot treat as an intention to buy or to sell. Anything can go wrong from here. Just be careful when we do the trading.
Group discussion on "Malaysian-Shares FBMKLCI" Facebook.
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