Listed above are two 30-minute chart of KLCI and PChem. KLCI has rebounded since the opening bell after last two days of fall. Obviously KLCI's rebound foundation was grounded by the third largest counter by market cap (RM57B) ie PChem. KLCI has added +1.17 points while Pchem has contributed +2.3 points to KLCI.As the 1230pm, PChem has reached its potential for the day?? PChem will be fighting with a window resistance created on a gap down on 20110412_0930. This is critical, window resistance rarely being broken for the first attempt. Assuming the these event does not happen after lunch, who is the next saviour to further advancement of KLCI? Lets examine the list above:
AMMB + 0.7
Tenaga + 0.5
AMMB is not a market mover without RM20B market cap
Tenaga is reasonably big RM33B, but it is not in a bullish mode.
So what is the conclusion? KLCI should be at the following mode
1. retreat from here (highly likely) or
2. maintain (likely) or
3. advance (not likely - unless a new saviour appear but who?)
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