Well, KLSE FBM KLCI did try to break the previous high at 1270 (as at time of writing this today, KLCI is gaining 5 pt) , in fact it did break it. It is not convincing though. The last few days' candlesticks and volume are not conforming that it is a convincing break-out.
Also, many technical indicators show the market will take a breather for a short while.
Divergence signal from indicators such as : RSI, MACD, Money Flow Index.
They are telling : "The last few days uptrend is not convincing and could be ended soon"
Stochastic Oscillator signaling, "It's overbought now, correction coming soon".
Divergence signal from indicators such as : RSI, MACD, Money Flow Index.
They are telling : "The last few days uptrend is not convincing and could be ended soon"
Stochastic Oscillator signaling, "It's overbought now, correction coming soon".
So, I am expecting correction next week with 1,235 pt as the support/pivot point.
