KLCI :1,728 (+24)
Our KLCI continued to rally for the second consecutive day after it bounced near to the support at 1650. Another full and long white candle is formed and the earlier gap resistance is approached again. The volume traded is quite high. It shows
1. Technical rebound is still intact.
Critical Level:
1. Support : 1660
2. Resistance : 1730-1740
Technical Indicators:
1. Stochastic : Still bearish but bearish biased.
The existence of technical rebound is further validated.
2. Bollinger band : No signal
Conclusion:
1. This is just a technical rebound for a decline although it had gone up a lot.
2. Total SHORT liquidation is needed essentially.
3. Be prepared for a short term SHORT when bearish signal comes.
Confidence level : 90%
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