FBM: KLCI. Long Bias

INDEX:KLSE   Bursa Malaysia KLCI Index
177 0 4
Technical - the weekly chart of FBM KLCI had completed the C leg of Bearish Gartley and heading towards D leg. The probability of this pattern turn out to be Bearish Crab is quite low as the D leg of Bearish Crab will be higher than the historical high of FBM KLCI. Therefore, any short order will only be executed wheneven there is a confirmation of trend reversal (whether its Bearish Gartley / Bearish Crab ).
The probability of trend reversal happen on 1805 is quite high as the Bearish Gartley will be completed at that level and there is a resistance zone at 1805 - 1820.

Fundamental - Saudi Arabia, Russia agree oil             output freeze (source: TheEdge Financial Daily 17/02/2016 Page 2).
This news expected to have high impact to Malaysia as Malaysia is an oil             producing country. Therefore rising of oil             price would expect to bring in foreign investor to Malaysia and this will push up KLCI index.

I'm only providing my own thought toward the market but not making any trade call.
Comment: On signs Iran will not join a deal among Saudi Arabia, Russia and other producer for the Oil Output Freeze. They also mentioned they will continue to increase the oil output until it reaches its pre-sanctions' production level.
(Source: TheEdge Financial Daily 28/02/2016 Page 18)
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