9 Days of Black Candle appeared but yet there is still no sign of any technical rebound is going to happen. Have to for Monday closing to determine that.
Saturday, May 30, 2015
Thursday, May 28, 2015
Technical Rebound Around The Corner?
Till today the KLCI have already decline for almost 7 days. If today still decline, it would have been down for 8 days. Based on yesterday movement, we can notice that the index is trying to rebound after dropping for so many days.
No doubt the indicator still didn't flash any sign of rebound, but yesterday momentum and with the previous candlestick reading "SUGGEST" that the market maybe nearing the bottom.
Anyway if any rebounds occur, the 1,774 point level will be a resistance for the KLCI. We might have a technical rebound around the corner but it would be a short term rebound only. Just be careful. How low it will go down and how high it will climb up nobody knows?
Sunday, May 24, 2015
Lower High And Lower Low Created. Bearish Sign.
Last Friday the KLCI closed much lower than the previous low (13.05.2015) of 1,795.16 point. This is a bad sign as it deems that the KLCI would eventually going to create new low.
As we can see after the technical rebound occurred, the KLCI managed to climb until 1,823.50 (18.05.2015) point before it took a sharp U-turn and went down on the next day.
It really caught me by surprise as the U-turn was so fast. It just took 4 days for it to come down to close last Friday at 1,787.50 from a low of 1,780.11 point.
Next support would be 1,774 point. If this support also taken out, the next target would be around 1,706 point. Stay out from this market because at these moments it is quite bearish with "Lower High and Lower Low" been created. A sign of a DOWNTREND in the process.
Group discussion on "Malaysian-Shares FBMKLCI" Facebook.
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