The KLCI market rally has been impressively moving upwards, according to our research. As the country anticipates their 14th general election results, this is the result of votality in the market, in our opinion. Stock of companies that are politically driven are likely effected by the General election votality.
Weekly update on the market outlook for FBM KLCI, let's have a look.
Based on the 6 months period daily chart above(click image for full view), we noticed that there is absence of sell signal (Red Diamond). FBM KLCI have slightly decreased about 0.44% within the last couple of months. At the end of the day, closing price was noted at RM 1834.04 since the Green Diamond on Dec 12, 2017, looking at the Major Green Diamond Buy Signal. The buy condition has been triggered according to iVSAChart ATA Diamond rules as well as observing the bar of the next day.
There was a confirmation of trend reversal with closing price of 1737.66 on Dec 13, 2017 in which Sign of Strength can be seen together with both Green Diamond Buy Signals. Other sign of strengths have been spotted with little to no signs of weakness. This indicates that the market is going stronger as the KLCI market has rallied tremendously.
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Disclaimer: This post is meant for information sharing. It does not served as trading ideas for buy or sell. Please do your research and practice prudent risk management as you are responsible for your own decisions.
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