FBMKLCI consider quite weak as it
still fail to break the resistant of 50% Fibo retracement.
FBMKLCI was not really doing well
despite US market was doing well last week. BCF notice that the FBMKLCI has
been trading with lots of selling pressure, where the index had been trading
well for whole day but it close low by last minute. This don’t look good,
perhaps its related to our current politic situation.
Looking at FBMKLCI there is a
strong uptrend supporting line, breaking below the line may see it trade lower.
On the other hand, we can see
that there is a resistant line (red line) which breaking it will be a good
breakout for FBMKLCI.
Support: 1. 1380 (the thick blue
line) 2. 1364 (Fibo 38.2%) 3. 1355
Resistant: 1. 1400 2.
1412 (Fibo 50%) 3.
1429
FBMKLCI Weekly
FBMKLCI weekly chart shows a
bearish harami pattern, however, we will take it as an inside bar that has yet
to choose it’s direction. Breaking the support of the thick blue line could be
the beginning of the next leg down.
I believe the market wouldn’t be
performing well due to our politic situation, especially there are speculations
about the confidence vote on 18 May. However, BCF believe the voting might not
happen on that day but it might delay until the next meeting which begin from
23rd July to 27 August 2020.
Nevertheless, we saw a good drama
in Malacca DUN today, do expect more drama in other states as well as in
Parliament on 18th May.
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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