Monday, May 11, 2020

Can Bursa Survive the Confident vote?


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 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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