Just two days after the “Gravestone Doji” was disconfirmed by last Friday’s strong rally, the FBM KLCI carved out another bearish reversal signal, the “Bearish Harami”, which is situated at around the previous breakdown point. Because of where the bearish reversal pattern was constructed, it is a crucial signal to watch out for. However, the immediate trend for the key index is still up at the moment as is being portrayed in the above daily chart. We would need to FBM KLCI to crack below the uptrend line in order to confirm the “Bearish Harami”. If not, the market can still continue to go higher after creating the “Bullish Engulfing” at the recent-low of 1,243.86 pt-level.
Meanwhile, we have a Neutral view on the FBM KLCI, although the index is trading at above its uptrend line. This is because the DJIA’s near-term technical outlook will remain bearish at below the 10,700 pt-level. We will see if the “Bearish Harami” will be confirmed soon.
To the upside, the 1,334 pt-level is still the immediate resistance while next resistance is situated at the 1,350 pt-level. The 1,307 / 1,308 pt-level has now become the immediate support. Further down, watch out for the 1,298-1,303 pt-area as the next support.
Meanwhile, we have a Neutral view on the FBM KLCI, although the index is trading at above its uptrend line. This is because the DJIA’s near-term technical outlook will remain bearish at below the 10,700 pt-level. We will see if the “Bearish Harami” will be confirmed soon.
To the upside, the 1,334 pt-level is still the immediate resistance while next resistance is situated at the 1,350 pt-level. The 1,307 / 1,308 pt-level has now become the immediate support. Further down, watch out for the 1,298-1,303 pt-area as the next support.
No comments:
Post a Comment