Zulnureen:
Klci. Analysis on daily chart.
Today market end at 1733, question is, how low will klci go b4 its stop n reverse, where is the support?
1. Looking at price action to Fibonacci retracement, indx currently trading in between the support/resistance of 1725/1751 of fiboret.
In term of double bottom pattern. From the low to the peak, it need to move 10-20%, recent low to peak move is only 1%. Thus, not significant to b a double bottom pattern. In addition, the rise in indx was not strongly supported as no significant rise in volume.
2. Looking at MACD n its signal value, a crossover (bearish) happen yesterday as the figures show that macd fall below the signal.
3. Rsi continue falling below 50
4. Stochastic continue falling n about to cross 20 (currently at 23), a fall below 20 is a sign of bearish.
In addition, a note for all, 'price always retrace to 1/3, 2/3 n most of the time 50%.
Looking at recent klci range of 1791/1617, we ve a range based of 174, 1/3 of the retracement range is at 1733, 2/3 is at 1675 n 50% is at 1704.
During bullish condition, normally, it will retrace to 1/3 n when it is in bearish condition, it will retrace to 2/3.
Opinion
At 1733 closed today, klci is exactly at 1/3 Retracement, but since all the indicator is bearish, we would see indx might continue falling to at least 50% level at 1704 b4 reversal.
N if calculated correctly based on time, price n pattern cycle, 1704 level will happen around 30th november. N hopefully, the fall stop at that point.
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