FKLI - Potential Retrace for Current Downtrend

Hi all.

Have seen many broker reports predicting a rebound for the local index today, Nov. 19.

Well, I do see potential for a rebound, but not as soon as many was expecting. Any potential upward correction for the current downtrend shall see:

• my fibo target of 1,603 (or 1,600-1,610 region) is reached.
• daily candle to cross-over & stay above the ST downtrend-line.
• MACD histogram to turn green. Histogram length has been holding around -5 for a few trading days. Which mean the selling pressure is slowing down, & we shall see the buyers coming in soon.

Another point to note is, daily RSI is as low as 6.012 by closing today. That is the level where the previous extreme lows were recorded in May'10 & Aug'11 correction.

Below is my post-market analysis for the FKLI short-term outlook:

Enjoy! Happy Hunting!! :)