Thursday, August 23, 2007

KLCI (23 Aug 2007)

KLCI Daily Chart

Strong rebound. Gap at 1255-1270. For long term uptrend to continue, the index must shoot pass 1300 and then consolidate and built up another based at 1300.

Current resistant is at around 1300 (many trend lines intersect there). I'm still staying sideline due to the bearish divergence in the weekly chart and also no good buy signal from my filter. Looking out the behaviour of the index when it reaches 14-day RSI value 60. If it cannot break this value, then it indicate that the bear has set up an ambush.

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