A level of important price resistant for price to surpass and also a level of important price support to maintain above. Price trading above the RALLY POINT will mean more upside price action ahead.
A zone where price is deemed WEAK in the short term period. Only progressive rebound can be seen trading in the short term. But failing to SURPASS the RALLY POINT will only put the price into a longer term of downtrend price action.
After 2 months of slide on the FBMKLCI, the index hit rock bottom and rebounded very well since then. Broad market stocks are seen rebounding churning opportunities to both trader and investor.
The FBMKLCI crucial Rally Point to take note is 1,777pts. A break out from this level will put the Malaysia Stock Market into a Bull Market. That will be the route to 1,800pts as the first hurdle followed by a historical high in the long term.
As mentioned in our TFM Eagle Eye Newsletter, despite the big ‘hu-ha’ in the KLSE market over the past 2 months, lower liner stocks were not affected much but rather stayed at rock bottom support. Hence now these lower liner stocks took the lead for a rebound or even rallies on majority stocks. (Lower liner stocks entered into market correction since January 2018)
Technology Index lead an early break out from its ‘rally point’ and now heads into a Bull Zone.
TFM Eagle Eye Newsletter Issue #294
(Release Date: 29.07.2018)
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