Monday 17 October 2011

FBMKLCI short term going uptrend ?

Fbmklci have really a good rally these 4 weeks, and she has run up about 123 points, indeed if anyone pick some stocks around 1388, sure one will gain especially those bought in the FBMT100 stocks. As now she is approaching the 1474 point, it is getting interesting as these is a previous strong support (see those magenta shadings), then broke and turn into a strong resistance. So, my take is she will have a hard time passing thru this area but if she can take out this resistance in a go, then , it will be very bullish which I dont think so. Well, lets expect some retracement for our CI, and see whether 1423 and 1400 can support and form a higher low. If yes, then this support area would be good to go long again. If not, there expect another sell down. Lets see how it goes. Time will tell.


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