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. The correction trend that started on the 5th September 2018 ended when the index hits its mother of all support and rebounded from 1,777 to 1, 805pts. As shown on the 1 hour chart above the index price trend is still pending for a rally trend formation. A breakout of 1,804pts will put the index in a rally trend formation. This means the index in the coming days will be seen with rally towards higher highs and higher lows.
Trade war and the numbers on the tariffs not being news news to us anymore. Look at the dollar movement instead.
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