Current uptrend range on
FBMKLCI started on December 2017 from the lowest intraday of 1795.85, since
then, market went up and hit highest point at 1880.56 on the 1st
week of February 2018.
After FBMKLCI hit the
highest level at 1880.56 on that Friday, 2nd February, later on the
same day, DJI fall 665 points to closed at 25,520 and on the next day continues
falling another 1597 point to an intraday low of 23,923.88. Monday 5th
February when KLSE re-opened, FBMKLCI opened gap down and the fall continue
onto the next day to the lowest level of 1795 on the intraday. After that,
FBMKLCI make a sharp recovery to 1870 level.
Currently, FBMKLCI is seen
trading sideways, immediate support is at 1838 being its previous resistance
level, next strong support is seen at 1796 level.
For the Year of 2018, by
using GANN, we expect that this year target is going to be at 1969 points assuming
that price stay above its current neutral line, if it fall below that current
neutral line, the lower target will be at 1925 points assuming price react to
the previous neutral line starting from December 2017.
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