PeterTing

FBMKLCI to continue run its course

INDEX:KLSE   Bursa Malaysia KLCI Index
1. The FBMKLCI index continued to stay above most bullish indicators (SMAs, Ichimoku , Donchian etc..) and is moving on sideway range between 1820 - 1830. Overall technical picture is still in a bullish state.
2. Expecting a further gain towards the previous high at 1840 (resistance-1), 1853 (R2) and 1866 (R3) levels.
3. As it is believed that wave-5 is pending to complete, any signs of short-term weakness are likely to be part of the correction in wave 4. No sign of wave-5 failure seen yet.
4. Immediate support is seen at 1813 and the next, at 1800 psychological support and EMA20 support. Short term traders are advised to monitor cautiously at these points.
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