According to our research, in the past few months, the KLCI market was impressively moving upwards. Unfortunately, in the past days it started to move sideways. We believe this is the result of votality in the market as the country anticipates their 14th general election results, in our opinion. It is likely effected by the General election votality are stock of companies that are politically driven.
Let's have a look at the weekly update on the market outlook for FBM KLCI.
Yesterday, we noticed that Red Diamond (sell signal) appeared based on the 6 months period daily chart above (click image for full view). Within the last couple of months, there has been slight decrease about 1.34% on FBM KLCI. The closing price was RM 1729.57 looking at the Major Green Diamond Buy Signal on Dec 12, 2017. Observing the bar next day and according to iVSAChart ATA Diamond, the buy condition has been triggered.
Sign of Strength can been seen together with both Green Diamond Buy Signals in which trend reversal was noted on Dec 13, 2017 with closing price of 1737.66.
Other sign of strengths have been spotted, but it started to weaken since the Red Sell Diamond appeared yesterday Feb 7, 2018. This indicates that the market has started to weaken despite the strong signals that rallied in the past few months.
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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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