Friday, August 10, 2007

KLCI (10 Aug 2007)

Weekly chart shown. Stochastic shows that it still have room to go down. If it closes below 1284, the next support will be at 1143 (monthly 30EMA line). This value is too extreme. Hopefully I'm wrong. The best thing one can do is to sit and watch what happens when the weekly stochastic is oversold or weekly 14RSI is around the 40s. Theoretically, if the bull is still alive, the index should u-turn at around 40s level for the weekly 14RSI.

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