Honeymoon over, FBMKLCI looks to continue the downtrend for now
Since the index failed to break the 1900 barrier and formed the double top in 2014 & 2018, it has been down ever since.
Though the index managed to recover from sharp drop during the COVID-19 pandemic, it remains below the 200 moving average.
Expecting it to retest the downtrend line in the second half of the year.
Government looks more stable now but honeymoon time is over.
Budget 2023 tabled today was not so enticing so it seems the only way is down for now.
Poor index performance makes momentum trading more challenging.
Just reminding myself to be more selective and conservative in the coming weeks to months.
Though the index managed to recover from sharp drop during the COVID-19 pandemic, it remains below the 200 moving average.
Expecting it to retest the downtrend line in the second half of the year.
Government looks more stable now but honeymoon time is over.
Budget 2023 tabled today was not so enticing so it seems the only way is down for now.
Poor index performance makes momentum trading more challenging.
Just reminding myself to be more selective and conservative in the coming weeks to months.
Comment:
Nearly a year down the line. FBMKLCI is back, but facing some supply around 1500 points. Hopefully it will form some healthy correction before going up further.