KLCI Broke 1750. Are We Heading South?
It seems market was muted ahead of Malaysia's Budget 2018 announcement on Friday 27 October 2017.
Price action on KLSE Composite seems to be bearish over the last few days. Will Malaysia's Budget 2018 create a new catalyst for a continuation Bull run of the index?
Here are some of the charts that will guide you in the market movement for the next few weeks.
On Weekly Time Frame:
Recent price movement indicates a stronger bearish trend.
Price range is typically larger and has supporting volume. Bearish Breakouts are expected when this occurs around the most recent minor resistance level. If this occurs at the bottom of a range with supporting price action, this indicates accumulation volume at the given support level of 1710-1720 points.
In relation to the most recent volume/price cycle, volatilty is HIGH
Volume is Currently above average which adds to strength and continuation of the current trend.
For Sectorial Analysis, the rest of the industry sectors are still in uptrend mode (except for Property and Trading. We would of the interest on the following sectors:
4. Industrial - production
5. Construction (watch)
All charts powered by Metastock
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