HAIDOJO_trading

FKLI TRADING : 299) celebration mood

Long
MYX:FKLI1!   KUALA LUMPUR COMPOSITE INDEX FUTURES
this is number 299...
The announcement has been made yesterday. The "you-know-who-he-is" has made an important announcement that he is resigning...and the whole market is celebrating...yeah, yahoooo, yesssss...
OF course not, the market is celebrating bcox there is an uplift frm the stricter mco to a more lenient emco and the opening of the 18 industries for economical recovery. that is the main reason for fkli-aug to shoot all the way up frm low of 1500 to 1524 tdy on 17th Aug 21...
I am not an economist so I won't cover much abt the economy part...but for the technical analyst part, fkli-aug has made an ISH (Initial Structure High) in hourly chart and might move further up to test 1532-1538 b4 challenging the strong resistance at 1550...
Of course, new PM and new government which is formed will oso bring some impact on the economy and stocks market as well. I believe that the stocks market will show some kinda rebound as well. fingers cross.
Albeit all the gud factors, market is still haunted by high covid-19 infection numbers, vaccination numbers which is still low, the market recovery and unemployment/retrenchment issues on the rise...so, this could be a temporary release of the falling pressure and the rebound could be a short lifespan and a longer sideway market could prevail...so I am bullish in the short term as a rebound/recovery and still maintain bearish in mid-to-long term.

IF you are keen on fundamental analysis , then watch out for mco uplift, covid-19 situation in Malaysia, political uncertainty, etc...

*plan your trade and trade your plan... gud luck*

higher resistance : 1550

immediate resistance : 1522-1538

support : 1494-1505

critical support : 1478-1486

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