If Monday’s “Long Upper Shadow Line” is not enough to signal the market’s current indecisiveness, another indecisive “Doji Star” candlestick appeared yesterday. Throughout the session, the FBM KLCI was fluctuating up and down from the flat line, and traded within a 7-pt range. The market has now carved out two indecisive candlestick patterns not too far from the 1,350 pt-level, which is the previous peak of the 2009-2010 rally.
The immediate technical outlook of the FBM KLCI remains bullish. The market has not reached an overbought condition as the daily RSI closed below the 80 pt-level. All the index needs to do now is to surpass yesterday’s high to disconfirm the two indecisive candlestick patterns. Meanwhile, there is tough resistance at the 1,395 pt-level while initial support is still seen at the 1,350 pt-level, followed by the 1,332 pt-level and the 1,326 pt-level.
The immediate technical outlook of the FBM KLCI remains bullish. The market has not reached an overbought condition as the daily RSI closed below the 80 pt-level. All the index needs to do now is to surpass yesterday’s high to disconfirm the two indecisive candlestick patterns. Meanwhile, there is tough resistance at the 1,395 pt-level while initial support is still seen at the 1,350 pt-level, followed by the 1,332 pt-level and the 1,326 pt-level.
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