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.
The Hour Chart, shows the hourly price movement on the FBMKLCI. Notice how the index entered into a trend reversal into a bull trend on 16th July 2018 on wards. Index rallied towards its psychological resistant of 1,800 before pulling into a minor correction as mentioned in my previous post. A minor correction that did not violate any crucial support will mean rebound and rally to be seen ahead.
The index support remain to keep at 1,750pts while the rally resistant will be kept at 1,800pts.
TFM Eagle Eye Newsletter Issue #297
(Release date 19.08.2018)
Weekly outlook on equities indices and derivatives market
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