KLCI Index - 50pts Plunge from 1,720-1,660 Warrants a Rebound
Price hindered by 1.720 level - lower band of the initial predicted 1,720-1,750 Resistance Region.
- Probably due to the Fed's Oct 28th decision of keeping the rate unchanged --> Bearish to export-oriented Asian countries.
- Price has since plunged a hefty 3% or 50pts, from 1,720 to recent low of 1,660.
- There are both psychological (50pts plunge), & technical (bullish divergence, S&R zone) reasons that points to impending bullishness over the next 1-2 weeks.
Observations:
(1) Bullish Price-Momentum Divergence at latest pivot low around 1,660
(2) Increased potential of another upleg to RETEST the more significant 1,740-1,750 resistance upper band.
(3) Expect a reclaim of the 1,720 level, then further rally towards 1,740-1,750 upper band (shaded zone).
- Probably due to the Fed's Oct 28th decision of keeping the rate unchanged --> Bearish to export-oriented Asian countries.
- Price has since plunged a hefty 3% or 50pts, from 1,720 to recent low of 1,660.
- There are both psychological (50pts plunge), & technical (bullish divergence, S&R zone) reasons that points to impending bullishness over the next 1-2 weeks.
Observations:
(1) Bullish Price-Momentum Divergence at latest pivot low around 1,660
(2) Increased potential of another upleg to RETEST the more significant 1,740-1,750 resistance upper band.
(3) Expect a reclaim of the 1,720 level, then further rally towards 1,740-1,750 upper band (shaded zone).
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.