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| FBMKLCI - Potential Reversal in the Near Term (April 26, 2012) |
A check on the hourly chart shows potential reversal with a falling wedge pattern in formation. However, a reversal is only valid when we see a breakout of the wedge on solidly higher volume. A solid reversal shall be a closing above the immediate resistance of 1582.5-1586 region. While a confirmation of trend change from the 2-week downtrend will have to see the price close above 1590-1600 level (or for a better case, back above the 7-month trendline).
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| FBMKLCI - Price Broke Below Long-term Trendline (April 26, 2012) |
Just a quick one. Rushing home for a webinar sesison.
ENJOY!! HAPPY HUNTING!! :)
I think the drop on Fri (April 27) is merely an one-time event due to uncertainty over the weekend of 428 BERSIH 3.0 Rally.
ReplyDeleteLook for a rebound of the local bourse in this 1st week of May. Still the long-term trandline support-turned-resistance is the main obstacle to clear to continue the 7-month uptrend.