KLCI & Futures - Up Again Thursday?
KLCI - continued its minor correction Wed but found critical support at the mid BB line & the 7 & 14 day MAV. The 953 support is also holding it up. I have used the MACD Histogram today for a change instead of the usual MACD. MACDH is flat perhaps an indication that the correction will not get worse tomorrow. The trend may continue up today as the supports above are quite good. There is also a small hammer indicating a possible rise today.
Still the 970 resistance will be hard to break but if it does then prices may rise to 980 or even 1,000. But if it fails to breach 970 then further correction or sideway movement will follow; which it will be will depend on the candles. Fundamentally the Thai coup seems to have been settled with the King apparently favouring the Generals, the US Federal Reserve did not raise rates, Dow & Nasdaq moved up & oil prices fell further. So fundamentally, there is no bad news in the market, all good news externally. The market should rise based on both fundamentals & TA. For now the trend is still up.
FKLI - CI Futures reversed Tuesday's fall & rose quite strongly Wed. Good support at mid BB line & also the 960 level. Indications are that it will continue the rise today. Next target is 968.
posted by Dr. Siva @ 7:07 am
3 Comments:
It's going up. Not many people are convince yet. That is good. We can still shop around.
Kimming, the chat box was out becos of server problem at the c-box provider. Its ok now, no worries I wont remove the chatbox, always encourage discussion.
Swifz, Going up but strong resistance coming. Caution!
resistance are challenged a few times before it can be penetrated. Look at the monthly MACD, it is getting better, another sign of underlying strength.
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