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Sunday, March 6, 2011

FBMKLCI - Start to rebound or it will retrace even more?

Now currently the market it is too volatile and there is no clear direction where KLSE wants to go but waiting for the Big Brothers to help for direction... But the worse thing is that the Big Brothers like Dow, HSI and Nikkei also dont know what is the current position is..and this my friends, it is a big issue..

1) Trendline - Downtrend - (Bearish)
2) Formed lower low - (Bearish)
3) MACD - Below 0 ( Bearish) and Bullish Crossover ( Potential Bullish)
4) RSI - Shooting up ( Bullish)
5) Sto - Shooting up ( Bullish)
6) ADX - Good momentum and Bullish
7) Candlestick - Shooting star at resistance ( Potential Bearish)

The Shooting star at the resistance between 1524 and 1535. It need to break above this Gap Resistance and then test another resistance at 1544 which might show a Bullish Reversal with Higher High indication

Stop loss at 1474. If break below this it will be a long way down to 1445 and 1429 . Scary right! so just hold the position on this wild roller coaster ride  :P

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