Bursa Mid70 looking weakGeneral analysis of the indices, the Bursa Mid70 looks weak. It went down 42 days and up 13 (which is around 1/3 of 42) retraced to 50%.
Expecting another down leg from here (as at June 14).
FBM70 trade ideas
FBM70 Weekly Update - 03w05m19yFBM70 drop around 200pts (400pts previously). Rebound might happen (low chance) since the RSI rebounded from oversold zone.
FBM70 formed a lower high during this week. We see a downtrend will be started as the lower high formed after the price fail to stay above previous support (13900pts) during rebound.
Immediate resistant - 13900pts
Immediate support - 13550pts
FBM70 Weekly Update - 02w05m19yFBM70 drop around 400pts (200pts previously) in last week and immediate support at 14250 pts is broken.
Uptrend remain intact on FBM70 until lower high is formed and maintain mid-term target at 15000pts. However, we pay foresee lower high will be formed soon and soonest since the support is broken.
Immediate resistant - 14250pts
Immediate support - 12688pts
FBM70 Weekly Update - 01w05m19yFBM70 drop around 200pts in past 4 days. RSI and MACD are diverged with the price.
Uptrend remain intact on FBM70 until lower high is formed and maintain mid-term target at 15000pts. However, we pay attention to the divergence on RSI and MACD.
Immediate resistant - 14600pts
Immediate support - 14250pts
