It had been a year after our Malaysia announced the implementation of GST since 1 April 2015. And consumers had started to get used to the GST, or in another word, they had to get used to the GST. When we got used, then slowly the consumer index will be uptrend, challenge previous high, breakout, continue to go uptrend, retraced, and the cycle goes on and on. If we look at our Consumer Index...
Consumer Index Daily Chart |
The chart failed to beat the resistance of 610.89. And there is a reversal signal seen there, a hanging man, and the next day, it is a bearish engulfing. The RSI had been overbought after being bullish since May. Now the MACD is having a death cross. From the technical indicators, everything seems bearish. And when it is bearish, then we wait. When we compare the chart with previous few years, actually we can see quite a similar pattern for the Consumer Index. Let's look at the weekly chart.
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