FBMKLCI will rebound from level 0.786
Looking at the FTSE Bursa Malaysia KLCI Index chart, here's my analysis:
Current Price Action:
- Trading at 1,603.22, up 0.15%
- Currently testing key support levels
- Below all major moving averages indicating bearish trend
Elliott Wave Analysis:
- Completed waves (i) through (iv)
- Currently in wave (v) of the correction
- Potential for completion of larger corrective structure
Key Fibonacci Levels:
- 1,645.61 (0% retracement - major resistance)
- 1,632.89 (23.6% Fibonacci)
- 1,625.02 (38.2% Fibonacci)
- 1,618.66 (50% Fibonacci)
- 1,612.30 (61.8% Fibonacci)
- 1,591.70 (100% retracement - major support)
Technical Considerations:
- Price in downtrend channel
- Support around 1,600 level critical
- Volume showing potential exhaustion of selling pressure
- Money flow indicator suggesting potential for reversal
Short-term Outlook:
- Watch for bounce from current support
- Need to break above 1,612 for bullish confirmation
- Risk of further downside if 1,600 breaks
- Volume pattern suggests accumulation phase possible
Current Price Action:
- Trading at 1,603.22, up 0.15%
- Currently testing key support levels
- Below all major moving averages indicating bearish trend
Elliott Wave Analysis:
- Completed waves (i) through (iv)
- Currently in wave (v) of the correction
- Potential for completion of larger corrective structure
Key Fibonacci Levels:
- 1,645.61 (0% retracement - major resistance)
- 1,632.89 (23.6% Fibonacci)
- 1,625.02 (38.2% Fibonacci)
- 1,618.66 (50% Fibonacci)
- 1,612.30 (61.8% Fibonacci)
- 1,591.70 (100% retracement - major support)
Technical Considerations:
- Price in downtrend channel
- Support around 1,600 level critical
- Volume showing potential exhaustion of selling pressure
- Money flow indicator suggesting potential for reversal
Short-term Outlook:
- Watch for bounce from current support
- Need to break above 1,612 for bullish confirmation
- Risk of further downside if 1,600 breaks
- Volume pattern suggests accumulation phase possible
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.