This is based on Gann Theory of speculating market. This is ONLY for the purpose of study of Technical Analysis.
Previously, we targeted KLCI to move up to 1880 level and then correct to 1800 level in between the 1st week and 2nd week of February. Target 1800 reached yesterday on the 6th Feb (Tuesday).
As the target 1800 fulfilled, based on Gann, the next target is 1987. Looking at Gann Angle, the first reaction on the line could happen as early as the 3rd week of March if the velocity continue moving at speed above 1/4 line, and as later, as 1st week of August if it remain at the neutral line.
As the price usually follow the past pattern. There might be chances that KLCI might reached target in between 1st week of April and 2nd week of MAY, following 1/2 line, slowed down from previous 1/3 line.
Once the 1987 level touched, KLCI might go for another phase of correction, but this time, it will not come down as fast as the recent move from 1880 to 1800 within a couple of day. From the level near 1980, KLCI might correct to a level in between 1890 to 1860. this time it might take weeks to months before seeing any reaction to move up again. (we will review again once the 1980 level touched)
(This reading is considered failed, if 1800 level breached, new reading will be done accordingly)
Previously, we targeted KLCI to move up to 1880 level and then correct to 1800 level in between the 1st week and 2nd week of February. Target 1800 reached yesterday on the 6th Feb (Tuesday).
As the target 1800 fulfilled, based on Gann, the next target is 1987. Looking at Gann Angle, the first reaction on the line could happen as early as the 3rd week of March if the velocity continue moving at speed above 1/4 line, and as later, as 1st week of August if it remain at the neutral line.
As the price usually follow the past pattern. There might be chances that KLCI might reached target in between 1st week of April and 2nd week of MAY, following 1/2 line, slowed down from previous 1/3 line.
Once the 1987 level touched, KLCI might go for another phase of correction, but this time, it will not come down as fast as the recent move from 1880 to 1800 within a couple of day. From the level near 1980, KLCI might correct to a level in between 1890 to 1860. this time it might take weeks to months before seeing any reaction to move up again. (we will review again once the 1980 level touched)
(This reading is considered failed, if 1800 level breached, new reading will be done accordingly)
Zulnureen:
ReplyDeleteLevel of retracement
1/3 = 1813
50% = 1784
2/3 = 1757
The reading above is based on 1/3 retracement. If breach, new reading will b done accordingly. 👍
today closed shy of resistance 1840. catalyst for KLCI is oil. oil currently about to test support. if oil price react to support today and rebound, there is hope that oil goin to closed green and bullish sentiment KLCI renewed.
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