Chart 1: FBMKLCI's daily chart as at Mar 13, 2013_11.15am (Source: Quickcharts)
If we look at the 120-minute intra-day chart (Chart 2), we can see that the index is now approaching the 50-period EMA line at 1643. This EMA line should provide support to halt the decline. A break below this line would be very negative and lead to further downside.
Chart 1: FBMKLCI's 120-min intra-day chart as at Mar 13, 2013_11.30am (Source: Quickcharts)
Based on the above, I believe we should see the market rebound from 1643-1646 today.
4 comments:
Hi Alex,
What is the support and resistance level for KLCI, as GE is very near the corner?
What is the support and resistance level for KLCI, as GE is very near the corner?
Hi Ivan,
The next support for FBMKLCI is at 1622. That is not a strong support. the strong support is at 1600.
Thanks for your prompt reply.
CI fall down sharply end of day (Friday) today.
GE risk is increase in market.
1600 - seem may broke easily. ..unless gov control 80% shares in mkt. .
What will be the next support if 1600 can sustain?
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