Dow FBMKLCI
Date % Point % Point
12/8/2011 1.13 125.71
15/8/2011 1.90 213.88 0.84 12.47
16/8/2011 (0.67) (76.97) 0.14 2.10
17/8/2011 0.04 4.28 0.32 4.83
18/8/2011 (3.68) (419.63) 0.02 0.23
19/8/2011 (1.57) (172.93) (1.29) (19.32)
Last week only the overnight Thursday negative performance of the Dow has an negative effect for FBMKLCI on Friday.
Chartwise, the 50% FR at 1510 acted as resistance for the pullback of the down trend. Tuesday and Wednesday candles formed a bullish doji cross harami but Thursday gap opened could not penetrate the 50% FR and formed a bearish hangman candle.
Friday with Dow performing badly overnite and there was a gap down on the open.The open was at around daily S2 and FBMKLCI could not push above it and went below the 5d MA.It found its low at weekly pivot and monthly S3.
With the falling window, FBMKLCI is testing first support level at 1475 with subsequent supports at 1463 and 1423.
For a long term perspective,the current downturn has not reached its target of double top formed since early of the year.Based on the height of the double top the target is 1350.
