As highlighted on Nov Part 3 Outlook, FKLI did continued to have a bull market correction to 1787.5, Nov 22 closing. Good job to those that followed this bull market correction. That being said, December is around the corner and be prepared for the year end potential bull market rally trend. Click to find out more.
Chart 1: Bull market rally in December?
FKLI will start a bull market rally for December ONCE day macd forms a golden cross. Keep in mind, failure for day macd to form a golden cross means the market still in a bull market correction mode (refer CHART 1, above).
That being said, a day macd golden cross means FKLI is in early stages of bull market rally. A stronger bull market rally will happen ONCE a) day macd can sustain golden cross and b) yellow & red moving averages also form a golden cross. Consequently, this bull market rally could see FKLI test either 1,814, 1,824 or 1,834 resistance levels.
For market to break either 1,824 or 1,834 resistance it also needs weekly chart macd to form a golden cross (refer CHART 2 Below). This also means day macd & yellow-red moving averages need to form and sustain golden crosses.
Chart 2: Weekly MACD needs to golden cross
(Futures commission broker & equity remisier, Contributor of futures market trend following)