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.
(FBMKLCI road to 1,800pts)
The Hour Chart, shows the hourly price movement on the FBMKLCI. Notice how the index falls into a short term bearish trend since 18th May 2018 and subsequently another one on 11th June 2018 trending lower towards 1,657pts. Since 11th July the index Short Term Bullish Trend was formed and have been trending higher towards 1,784pts.
The psychological resistant will be kept at 1,800pts for the FBMKLCI as an inevitable minor correction may need to occur on the index. Well just a minor. When it comes to minor it is important for us to take note the immediate support of 1,750pts must be maintained. Being able to do so will put the index back on track to further rally up for greater opportunities making in the KLSE Market.
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