Announcement:
1) I setup a poll (please refer to upper right), please vote if you think you will like to have the daily market outlook in Chinese version as well. This poll will last until Malaysia Day – 16th September 2011.
2) If you need opinion on the stocks that you are holding currently, you can send me an email, I will share my view towards your stock. (email: happytrader288@gmail.com)
FBMKLCI & FKLI
Both FBMKLCI & FKLI rebounded yesterday towards the Fibonacci level of 23.6%. However, both the indices closed at/ lower than the above level. Will this indicate the turning point of the market? It is too early at this stage to answer the question as the indices remain bearish.
Investors can still hold on to your short position with the immediate resistance is seen at 1467 level, followed by 1471 level. For intraday investors, the range for today is expected to be 1460 – 1474 level.
I reiterate, the overall technical landscape remains weak at the moment and recovery will expect to be set in in about 2 – 4 weeks’ time only (ahead of the budget announcement).
Chart: FBMKLCI
Chart: FKLI
FCPO
Another Boring Session?
Yesterday, the FCPO remains in the tight range trading of 100 points. The current immediate resistance is at the 3070 level (please refer to chart 1 below). This is the level that the FCPO tested 3 times during this tight range trading. Failure for this level to be taken over will see the FCPO stuck within the range.
Risk taker investors can remain your long position. What shall investors do during this range trading? If the FPCO remains in this range (3070 – 2975 levels), investors can take this range as a reference for initiating long or short position.
I reiterate, the FCPO will need to leap above the downtrend line (shown in green color in chart 1) and the 3070 level for a clear uptrend.
Chart 1:
Chart 2:
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