FKLI >>> A Double Top for the daily & a Hanging Man for the weekly
The recent correction in the broader stock market has begun to correct and it shall likely correct for the next couple of weeks with the inevitable technical rebound here & there. ZL view this decline much in the same manner as per mentioned to ZLBT regular KY when the FBMKLCI & FKLI were both peaking around or slightly below the 1580 level.
But at this point, ZL view any decline in stocks and futures as transitory prior to perhaps a larger high in the 2nd quarter.
To wit, the weekly FKLI chart shows major resistance with the last candle in a Hanging Man formation which is the tailend pattern of a Double Top formation in the daily FKLI Chart formation. Both the weekly & daily are as per below for your perusal.
In a private discussion with KY recently, ZL did mentioned a 2nd round of profit takings at FKLI 1555.0 level which delivered last Friday. The FKLI pullback to 1555.0 was mentioned on Wednesday just before the Thaipuism public holiday.
To be honest, it was quite severe and Friday's FKLI 24.5 pts losses was a little beyond my expectations.
Maybe it's the executioner (Hanging Man) below working overtime.
Some ZLBT fkli traders may be intrigued how ZL nailed the FKLI with a SHORT 1571.5 last open call. You will find such an article if scroll down this page a little or in the archives. Mind you, that was my SECOND p0rofit takings at FKLI 1555.0, the 1st was a week before that.
BURSA MALAYSIA >>> Tired, lethargic & running on empty
Whatever the main media says, ZL do not follow. That is for the masses (traders & non-traders included) and you know what? The majority losses ...... :P
Bursa rose 90%++ since Najib's watch and we were way below the 1000 pts psychological mark remember? ZL made a vow to give BN my vote if Najib can bring the old KLCI above the 1K mark. He delivered, with the new FBM KLCI created in June that year, and ZL shall keep to my end of the bargain comes General Election but do not hold your breathe. You may get the blues before the party begins .....
HAPPY TRADING
The recent correction in the broader stock market has begun to correct and it shall likely correct for the next couple of weeks with the inevitable technical rebound here & there. ZL view this decline much in the same manner as per mentioned to ZLBT regular KY when the FBMKLCI & FKLI were both peaking around or slightly below the 1580 level.
But at this point, ZL view any decline in stocks and futures as transitory prior to perhaps a larger high in the 2nd quarter.
To wit, the weekly FKLI chart shows major resistance with the last candle in a Hanging Man formation which is the tailend pattern of a Double Top formation in the daily FKLI Chart formation. Both the weekly & daily are as per below for your perusal.
In a private discussion with KY recently, ZL did mentioned a 2nd round of profit takings at FKLI 1555.0 level which delivered last Friday. The FKLI pullback to 1555.0 was mentioned on Wednesday just before the Thaipuism public holiday.To be honest, it was quite severe and Friday's FKLI 24.5 pts losses was a little beyond my expectations.
Maybe it's the executioner (Hanging Man) below working overtime.
Some ZLBT fkli traders may be intrigued how ZL nailed the FKLI with a SHORT 1571.5 last open call. You will find such an article if scroll down this page a little or in the archives. Mind you, that was my SECOND p0rofit takings at FKLI 1555.0, the 1st was a week before that. BURSA MALAYSIA >>> Tired, lethargic & running on empty
Whatever the main media says, ZL do not follow. That is for the masses (traders & non-traders included) and you know what? The majority losses ...... :P
Bursa rose 90%++ since Najib's watch and we were way below the 1000 pts psychological mark remember? ZL made a vow to give BN my vote if Najib can bring the old KLCI above the 1K mark. He delivered, with the new FBM KLCI created in June that year, and ZL shall keep to my end of the bargain comes General Election but do not hold your breathe. You may get the blues before the party begins .....
HAPPY TRADING
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