Hi All.
Did a quick post on the magnificent plunge saw on our local benchmark FBMKLCI, & its derivatives FKLI.
There are rumors of an early parliament dissolution which I believe was taken seriously by investors & traders.
Regardless of the reliability of those hear-saying, focus on S&R on the chart to decide your trade entries/exits.
The underlying KLCI closed midday down about 40pts, which I consider about a typical plunge day range, based on historical data.
Price has puncture through 3 fibo levels of 1,675 | 1,660 | 1,645. Subsequent support level comes in at 1,630-35 & 1,615-20.
On the FKLI, price closed midday down 40.5pts at 1,642. Also broken through 3 fibo levels of 1,678 | 1,660 | 1,648.
Further support shall come in at 1,630-35, then 1,615-25.
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| FBMKLCI & FKLI - Plunges of Early Parliament Dissolution Risk (Jan 21) |
Be cool. Let the chart tells you what to do on such a bizarre trading day.
Make as much profit as the market will allow you to.
Happy Hunting! :)
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