As the index FBMKLCI recently broke down from the Falling Wedge pattern, downside to Fibonacci Projection 23.6% is imminent. It could be wrong as it could be a bear trap. Monitor closely.
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Showing sign of reversal today. Hopefully closed above the support level.
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Approaching 1519 pts Fibo 23.6% Target
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Index reached the targeted Fibo 23.6% target and heading towards Fibo 38.2% at 1500 pts
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Index rebound from the 1500 pts psychological support at Fibo 38.2%
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Since index rebounded from strong 1500 pts psychological support on 8th July, we can see that it is ranging between 1508 and 1525 pts.
As of this moment, index is currently on downtrend bias.
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Index touched the psychological resistant of 1500 pts today due to the political uncertainty yesterday.
If index broke down from 38.2% Fibo next target is 50% Fibo at 1484 pts.
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Since early August, index rebounded at strong 50% Fibo and forming a strong marubozu today.