One month ago on 20th Aug'08 I posted the chart (on the left) and the possible target of KLCI, and I mentioned that "Based on the chart pattern formation and the projection, a likely bottom may be around the 1014 to 990 level, which is actually not that far away now. A major panic that cause by the success of the Anwar's 916 plan can easily push the index down by few tens of points." Today, on the 17092008, Anwar's plan has not materialized, however, KLCI already move on track to its target level.
KLCI closed at 1002.99 dragged down by banking and plantation stocks. It is now on the verge of breaking the 1000 mark, a major psychological support level. Based on the trend channel projection and the horizontal support level, the KLCI may continue to head towards the downside target of 980, 970 and 950.
The DJIA is really looking bad with all the trouble going on in its financial sector, it broke the important psychological support of 11,000 and even pierced right through the 10,800 support level to close at 10609. Based on the same projection technique, the downside target of DJIA will be at the level of 10180 and 9740.
One month ago on 20th Aug'08 I posted the chart (on the left) and the possible target of KLCI, and I mentioned that "Based on the chart pattern formation and the projection, a likely bottom may be around the 1014 to 990 level, which is actually not that far away now. A major panic that cause by the success of the Anwar's 916 plan can easily push the index down by few tens of points." Today, on the 17092008, Anwar's plan has not materialized, however, KLCI already move on track to its target level. 
KLCI closed at 1002.99 dragged down by banking and plantation stocks. It is now on the verge of breaking the 1000 mark, a major psychological support level. Based on the trend channel projection and the horizontal support level, the KLCI may continue to head towards the downside target of 980, 970 and 950.
The DJIA is really looking bad with all the trouble going on in its financial sector, it broke the important psychological support of 11,000 and even pierced right through the 10,800 support level to close at 10609. Based on the same projection technique, the downside target of DJIA will be at the level of 10180 and 9740.
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