Tuesday, June 26, 2012

KLCI Futures - Potential Reversal on Falling Wedge

FKLI July'12 - Potential Reversal after Retesting Support at 1,590-1,595 (June 26, 2012)

Finally, go down to my target point....AFTER I've closed my short position yesterday. That's market, price always hang on just a minute longer than what most traders can bear with.

Anyhow, upon closing formed a nice base in a FALLING WEDGE pattern. We can look for a potential reversal back above 1,600 tomorrow. CAVEAT is still a flat/positive US & EU performance tonight. 

Anyway, I haven't make a move yet. As a wise man once told me: When you are not sure what to do, DO NOTHING! Never trade because you want to trade; trade only when there's a trade.

So, staying on the safe side, I'll make a move after I get a confirmation tomorrow. 

Enjoy!! Happy Hunting!!

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