General analysis of the indices, the Bursa Mid70 looks weak. It went down 42 days and up 13 (which is around 1/3 of 42) retraced to 50%.
Expecting another down leg from here (as at June 14).
FBM70 drop around 200pts (400pts previously). Rebound might happen (low chance) since the RSI rebounded from oversold zone.
FBM70 formed a lower high during this week. We see a downtrend will be started as the lower high formed after the price fail to stay above previous support (13900pts) during rebound.
Immediate resistant - 13900pts
Immediate support - 13550pts
FBM70 drop around 400pts (200pts previously) in last week and immediate support at 14250 pts is broken.
Uptrend remain intact on FBM70 until lower high is formed and maintain mid-term target at 15000pts. However, we pay foresee lower high will be formed soon and soonest since the support is broken.
Immediate resistant - 14250pts
Immediate support - 12688pts
FBM70 drop around 200pts in past 4 days. RSI and MACD are diverged with the price.
Uptrend remain intact on FBM70 until lower high is formed and maintain mid-term target at 15000pts. However, we pay attention to the divergence on RSI and MACD.
Immediate resistant - 14600pts
Immediate support - 14250pts
