KLCI Weekly Chart
4 down days in a row. This is not a good week for the bulls. Are you getting nervous. I'm not yet. If I get nervous, my left eyelid will twitch. No twitching yet. Am I wrong? Only time will tell.
Looking at the KLCI chart, the correction started when KLCI hit the weekly overbought zone. 1st possible support is at the weekly 7EMA line (1040-1050). The next one is the uptrend line starting from March 2009 to current value at around 1020. I prefer if it can find support at 1040 and consolidate to build another base for the next up thrust.
If you look at the monthly chart, 1100 is an intersection of two major trend line. The red resistance line connects the 1993 and 1997 peak while the blue support line connects 1998 and 2003 trough. If KLCI cannot break 1100, then KLCI may visit 800 again. So, good luck everyone.
KLCI Monthly Chart