KLCI M15 PRICE ACTION DAILY FORECASTShort bias. Possible resistance 1516.60 or 1526.86. Stop loss previous swing high, target price 1487.04.
KLSE trade ideas
KLCI M15 DAILY PRICE ACTION FORECAST - KLCI WEEKLY BIAS DOWNStrong resistance 1530.07, recommended stop loss previous swing high, target price 1487.04 or 1:1.
It's all about the Dollar: USD and the Malaysian KLCII would argue that since 2014, the Dollar has been the single most important indicator for Malaysia's KLCI, and perhaps for most Emerging Markets.
Note the inverse correlation between the DXY Dollar Index vs KLCI.
With the Dollar finally finding some support and perhaps making a bottom (temporary or longer-term, who knows?), will probably mean a consolidation spell for the KLCI.
TIME TO CATCH THE MOMENTUM IN KLCIThe strategy is simple. Buy at support as we can see the price consolidate and still in bullish momentum. Watch closely the price action around the green zone. Cut loss if the price break the support line 1548 and always take into consideration your risk and money management. Happy trading!
Resistance tested multiple time, KLCI has a potential boom! KLCI's resistance has been tested multiple times and the possibility of a rally is very strong. Ascending triangle and mid-day rally indicate a very strong bull!
Green or blue arrow ?The Malaysia stock market is definitely bullish and has gone up by 30+ % since the March low.
You can also see the benefits of buying Malaysia index or stocks as SGD currency is stronger than Malaysia ringgit. That means you are exchanging SGD1 dollar for MYR 3.0674 ringgit.
That increase your purchasing power in Malaysia, in this case you have more local currency (ringgit) to invest.
Now that it has reached a resistance level at 1616.05 , I think the next 1-2 months , we could either see a correction or the price moving sideways before it decides to go up or down.
So, if you have bought some Malaysia stocks, you may want to take some partial or full profits to be on the safe side.
Imo, it is a bit too late to go long now for this index. If you want, wait for the breakout first and observe the price action. If it breaks above 1616.05 and retrace well, then the uptrend will continue else wait for the sideway move to complete first.
FBMKLCI DAILY UPDATERISING WADGE PATTERN
AT SUPPORT TREND LINE NOW /
DOUBLE TOP CONFORMATION /
POSSIBLE UPSIDE AND DOWNSIDE NEXT TRADING DAY /
IF BROKEN SUPPORT TREND LINE GO TO 1520 @ 23% FIBO
FBMKLCI MONTHLYTP 1 @ 61.8% = 1633
TP 2 @ 78.6% = 1748
BREAKOUT MONTHLY DOWNTREND
BREAKOUT 50% FIBONACCI RETRACEMENT
FBM KLCI - Bearish Divergence FBMKLCI is closed at a new 7-month (2020) high at 1,611.42
However, the price is making a higher high (HH), but the Relative Strength Index is making a lower high (LH). This indicates the current market action is losing its momentum and weakening, meaning it could soon change direction.
FBMKLCI 18/07/2020RSI, STOCH, MOMENTUM - OVERBOUGHT(OB)
SL - 1686.36
EP - 1594.27
TP1 - 1502.19
TP2 - 1444.10
