KLCI: Weekly analysis & multiple time frames
Hi traders! Happy weekend!
Let's us look into
KLCI chart using multiple time frame analysis by looking at the hourly, daily charts to determine next week price movement.
The hourly chart is showing some signs of weakness. From 25th Sept to 30 Sept, the candles failed to form higher highs and remained stagnant at the green line resistance (orange zone).
Instead pulling back to the pink line (support), and failed two times to closed higher on Friday at white line (orange zone), thus forming lower high.
It would be easy to fall back to pink line support. Let's see for daily charts for more info.
Looking at daily chart, we are still on a downtrend. The white trend line acts as strong resistance.
It could fall to purple line if failed to hold the nearest support at 1494.
Let's us look into
KLCI chart using multiple time frame analysis by looking at the hourly, daily charts to determine next week price movement.The hourly chart is showing some signs of weakness. From 25th Sept to 30 Sept, the candles failed to form higher highs and remained stagnant at the green line resistance (orange zone).
Instead pulling back to the pink line (support), and failed two times to closed higher on Friday at white line (orange zone), thus forming lower high.
It would be easy to fall back to pink line support. Let's see for daily charts for more info.
Looking at daily chart, we are still on a downtrend. The white trend line acts as strong resistance.
It could fall to purple line if failed to hold the nearest support at 1494.
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