Wednesday, May 20, 2020

Bullish FBMKLCI! 1500 coming?


FBMKLCI had been very strong for the week where the blue chips taking turn to charge the index higher. Looking at the chart, it had break the red resistant line, 50% Fibo retracement and today it finally break the resistant of recent high. This had also seal the gap down 12 March.

FBMKLCI is now 15 points away from bull market. which the lowest is 1207, 20% hike is 1450. 

The chart is pretty bullish which we believe 1500 or 1550 could be the possible point that we might reach soon, provided US market don’t collapse.

Looking at the chart, its important for the index to not fall below the Fibo 50% resistant, and the red line (from resistant to supporting). If it drops below this red line then it will cancel off the bullishness and this will become a fake breakout which is not good.

Resistant: 1. 1443             2. 1450                 3. 1461

Support: 1. 1412               2. 1406                 3. 1400

 

Disclaimer: The materials shown above is just for education purposes. No buy or sell calls are intended. Please consult your brokers for investment decisions. The author above will not be responsible for any trading decision and action taken by the readers. 


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