On Monday and Tuesday, the FBM KLCI fluctuated listlessly above and below the flat line. Over the last two days, the index also exhibited the same market action but only within a tight range. After yesterday’s session, we still could not tell where the index would go from here after it carved out the “Long Upper Shadow line” and “Doji Star”. These two candlestick patterns represent indecisiveness in the market.
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 now is to surpass Tuesday’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 now is to surpass Tuesday’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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