SMART Trader

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I See some light at the middle of the tunnel.
Based on SMART Trader analysis the index for KLCI, SMALL CAP and ACE was able to cut the weekly channel low but was not able to close below the channel low indicating that the support is strong on the Mid Term Chart. This is positive indication with regards to the technical indicators baring in mind that fundamental is still hazy with our local political issues - Altantuya, 1MDB, TH, and so on.
There will be a Confirmation of a reversal only if the weekly candlestick is able to close above the Weekly Chanel High with a big Candlestick with short leg/shadow.

SMART Trader current market scenario. Based on the daily chart for KLCI, SMALLCAP and ACE all are trading below the Daily Channel Low therefore it is in a downtrend / consolidation but trading above the Weekly Channel Low so on the bigger chart it is not qualified to call a bearish trend just yet.
For now what I see is that the candlestick is pulling the channels lower to close the gap, and when the gap is closer the candlestick will try to cut and close above the channel high and will qualify a new up-trend on the daily chart however if the candlestick failed to close above and close below the channel high with a black candlestick will indicate that channel low will drag the index lower until we see a strong reversal formation.
As of now our recommendation is to hold on to your money and wait for a solid bottom reversal formation. As mentioned in my previous posting most of the stocks are still consolidating and there is no buy indication however you can start to monitor for some good fundamental stocks that is moving sideways after consolidation. When the trend have changed investors can take opportunity to buy these stock at low price.