KLCI Recovery on the card?

Weekly chart shows our FBMKLCI has been trading in declining wedge pattern progressively making lower lows since forming a top on Apr 2018. It is currently testing its demand zone at 1616-1631 and formed a bullish engulfing candle the previous week. This suggests that the demand zone is holding.

With the MACD indicator tracing a pattern of higher lows against a price pattern of lower lows, it suggests the downward momentum has weakened and a recovery to the upside is likely to be on the card.😀

Disclaimer:

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