FBMKLCI managed to register a bullish candle with a close at previous day open. The low of yesterday was at 50% of Fibonacci retracement from a low in 6th May to a high of 11th July.
Today reversal is expected to continue to meet the downward slopping 10 MA before testing the flat 20 MA. The reversal upward of the index should be accompanied by high volume to pierce through the 20 MA and touched the upper BB and moved pass the previous high of July 11 to confirm that the bull that started 28th October 2008 is still intact.
I am looking for initial resistance at 1575.
