Friday 14 April 2017

Potential Long Spot April 2017 FKLI - Technical review



Technical view:

Potential buy from 50 day SMA , Fibonacci level 78.6% and trend line overlapping at 1728-1730 level. Even though the market gap down at opening but the support level held well for today's closing and a inverted hammer is formed, which is also a sign of potential reversal. Should the support held well, the potential profit taking point shall be 1747 and then 1762.

Should today's support broken the price may linger at next Fibonacci level 61.8% at 1705 before finding another hard support at 1690 level.

Coming news

US CPI and Retail Report announcement at Malaysian time 8.30pm . The forecast shows the indices growth are expected to maintain at previous month's rate, with CPI expected to have 0% growth. Core CPI is expected to have 0.2% growth, same as previous month, but the index has the tendency of being over estimated.

Overall, from the forecast, the US market grow is expected to take a rest at this point. If tonight's data is below the forecast level, investor may choose to diversify their investments. Malaysia could be a potential market with it's exclusion from current US military conflict, the undervalued asset and currency cum the approaching General Election.


Disclaimer: The above analysis is personal opinion and for reference only. Trade at your own risk. The author will not be liable for all loss arise from trading based on the above comments.

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