Naked Chart Trading: KLCI 17 Apr 2024
Revisit KLCI $FTSE Bursa Malaysia KLCI Index(.KLSE.MY$ index again after it marked 4 consecutive days with losses, especially nearly 1000 stocks fell into red yesterday, furthermore Ringgit weakened again against USD to retest 4.80 level
KLCI $FTSE Bursa Malaysia KLCI Index(.KLSE.MY$ Daily Chart
KLCI $FTSE Bursa Malaysia KLCI Index(.KLSE.MY$ Daily Chart
Overall the index remains in short term sideway, but with higher selling pressure after red candles (lower highs & lows) in a row, close below 1520 level to trigger more downside, while immediate resistance at around 1570 level.
I drawed a Fibo from year 2020 covid low to Apr 2024 high, it pointed that the extension 123.6% align with previous high in May 2022 which is around 1615 level. Support level are located at 61.8% 1490 level, 50% previous resistance 1470 level, 38.2% previous low 1440 level and 23.6% previous low too at 1410 level
In addition, I found some interesting patterns about KLCI, which it showed 3 times of similar tripple top bearish reversal pattern (circled in blue) within 2 years. The recent sideway pattern can be another tripple top pattern as well if it unable to sustain above 1520 level. Good point to take note is that the trend always come back stronger after retracement from tripple top pattern, according to historical chart here, so I will definitely watch out to future development of KLCI.
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
I drawed a Fibo from year 2020 covid low to Apr 2024 high, it pointed that the extension 123.6% align with previous high in May 2022 which is around 1615 level. Support level are located at 61.8% 1490 level, 50% previous resistance 1470 level, 38.2% previous low 1440 level and 23.6% previous low too at 1410 level
In addition, I found some interesting patterns about KLCI, which it showed 3 times of similar tripple top bearish reversal pattern (circled in blue) within 2 years. The recent sideway pattern can be another tripple top pattern as well if it unable to sustain above 1520 level. Good point to take note is that the trend always come back stronger after retracement from tripple top pattern, according to historical chart here, so I will definitely watch out to future development of KLCI.
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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PC12345678 : Well i guess a correction is good for the market although it wasn't an expected one due to unforeseen circumstances