KLCI : 1,728 (+7)
It had been a very volatile week with plunge in the early week and recovered steadily. A very broad star candle is formed in the weekly chart surprisingly. It bounced near to the trendline, S~1650 as drew on last week.It shows the support at low level is strong and held the market to turn into long term downtrend.
Critical Levels:
Support : 1655
Resistance: 1763, 1830
Technical Indicators:
1. Stochastic: (Neutral)
No signal is generated right now but be ready IF it turns up next week.
2. MACD : (Still bearish)
The MACD and histogram continued to move downward.
Conclusion:
As the KLCI is able to hold above the up trendline, S~1650
1. Long term slow rally is still intact and not distorted.
2. This recent decline is just a mid term retracement.
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