KLCI weekly chart shows the bullish trend is still in effect. short term price channel has formed with the index loosely trading within it. recently index has managed to close above the Bollinger Band mid band showing strength. Resistance area of 1910 for with a support at 1850 (or blue line "short term support"). If price unable to maintain above lower channel, next support price is seen to be at 1800, as the major psychological Support line.
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Today KLCI daily have broken the 1850 level and closed at 1804 level. Psychological level 1800 is the current support, if this level is broken, a head and shoulder pattern could be confirmed on the daily chart. Next support is at 1720.
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second day KLCI sell down, heading to next support of 1720.
Trade closed: stop reached
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stop reached after daily chart break 1850 level.
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LONG TERM STILL BULLISH. index rebounded from trendline buying interest emerged in undervalue / index linked stocks