FBMKLCI had lots of trading volume lately, but its more on glove and healthcare counter follow by small cap companies.
The abnormal high volume isn't an healthy phenomena, but we don believe this may last until before Hari Raya holiday. Hence investor and traders will need to be aware.
Looking at the chart, if there is a strong breakout at this level, then u may see KLCI heading to the high of 1500 points. Can we? Let's hope for the best.
FBMKLCI
FBMKLCI was doing quite well over the week, however there
are still huge selling pressure above 1400 points where u can see the candle
has long upper line. It is interesting to see that the index had rose over the
week, however, the last 2 candles had tried to challenge the red resistant line
and settle below the line.
Looking at FBMKLCI which is well supported by the uptrend supporting
line (thick blue) and it still unable to break the resistant line too. This had
form a wedge pattern and we are almost towards the end, this could indicate
that FBMKLCI is about to choose its direction.
If we could break the red resistant line decisively with a
big bar could indicate bullishness and breaking below the blue supporting line
will be bad for FBMKLCI.
Resistant: 1. 1412 (50% fibo) 2. 1420 3.
1430
Support: 1. 1400 2.
1380 3.
1364
FBMKLCI Weekly
FBMKLCI weekly chart shows a big green bad which formed a
bullish engulfing pattern, however it is still an inside bar for 20 April which
indicate the chart has yet to decide on its direction.
A breaking up on the red resistant line will indicate
bullishness, and breaking up above 1430 might indicate the index are potential
to touch 1500 points. However, we believe this could only happen if US market
didn’t have any big correction at the meantime.
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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