Week 22_ KLCI
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KLCI been showing very bearish candle for the past few days, and broke below 1800...
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the Support had turned into Resistance, it is currently testing Resistance zone....
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Long term:
Sideway - bullish
Mid term :
bearish
Short term:
Bearish
indicators:
MACD : Weak
Moving Average: Slightly weakening
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Traders may consider to Short at Resistance zone..
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BUT , on the other hand,
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KLCI Friday form a "Bullish harami" pattern , AND price is supported at WEEKLY 50MA (please check in our facebook comments)
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for Bull to long, would need further confirmation and see if price able to break above to 1800-1814 zone.... else it would be a sell zone for bears..
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our view is more on Bearish on KLCI
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please be note that Public holiday on Tuesday, market would have lower volume on Monday (may have fake moves)... real trend would be come on Wednesday.....
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May The trend be with you
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Trade safe!!
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