Bursa KLCI,, will it drop to below 200D EMA at 1260 NEAR TERMS ??

Bursa KLCI  dropped to its intraday low at 1280.6, then closed just above 1285.7 on Friday. Stochastic is below 15, and the RSI stays  below 30, added with  MACD  in the negative zone,,Further more, the Bolligear Band has opened up additional 44% gap, ,  Now the KLCI  has drifted BELOW  the 100D EMA,, AND ALSO VERY CLOSE TO THE CRITICAL 200D EMA (at 1265), ,and FURTHER aggravated by the sign of increased trading volume, ALL these combined technical info/data are pointing to a very Negative/ BEARISH trend  for near term/ mid terms.

DJ (US)has managed to post a recovery of almost 1.2% (+125), and the IMPROVED SENTIMENTS /mild weakness on  Europe/ FTSE /DAX(-0.2%),  fueled  wth  more stabilised Forex markets on Friday Close , I believe that the CHANCE  of  KLCI being forced down to below its CRITICAL 200D EMA (1265)is NOT likely on coming Monday.next week , and probably the KLCI may be traded within the range 1260-1300 for some time in next few days,  -Wishing that no further major worsening  events being developed forward.

Overall picture is NOT very encouraging, and we have to wait and see the following developing events on Europe, US, China, Japan and UK .IN THE NEXT FEW  TRADING  DAYS.

WE must watch out the possibility of the KLCI  trespassing the Critical  200 D EMA  level if the European Debt problems/Fear cannot be subdued/ suppressed promptly, However, I still think that it is unlikely,THAT THE MARKET WILL SINK MUCH BELOW THE 200D EMA level, ,Foe example, ..The fear that the Euro might come undone and the European Union dissolved had always appeared to be a low probability to me, if not to others. The approval on Friday of the Greek bailout by Germany's Upper House of Parliament signaled once again that country's willingness to back the union and its currency for the foreseeable future., Secondly, it shall be  the passage of a financial reform bill for US.   AS SUCH ,I'm betting the nightmare is over and a week from now it will fade to bad dream status and a month from now it will have become simply another opportunity to buy on the dip.