• Home

KLSE Bursa Malaysia Blog One-Stop

KLSE or Bursa Malaysia stock market latest blogs, KLCI and stocks news updates.

  • Home

Blogger's Blog Updates

  • Millionaire Trend Trader
    FBM KLCI - dragged lower by selling in TENAGA-led heavyweights - Stocks on Bursa Malaysia ended mixed Thursday with the benchmark FBMKLCI curtailing its recent rally as continued selling in selected heavyweights, led ...
    1 day ago
  • A PEGGY Method of Stock Market Share Fair Value Target Price IPO Dividend
    EPF Yearly Dividend - Source: The Star
    5 years ago
  • A PEGGY Method of Stock Market Share Fair Value Target Price IPO Dividend
    EPF Yearly Dividend - Source: The Star
    5 years ago
  • Blackspy fundamental
    Good Bye Maybank 2 Gold Cards~ - I used to use Maybank 2 Gold Cards for last few years. But after revise cashback policy. It is not as attractive as before. I do believe Public Bank Qua...
    5 years ago
  • Bursa Malaysia Stock Market Analysis Digest
    Technical - SKPRES (7155) - SKP RESOURCES BHD SKPRES has gapped- - up to close above the EMA20 level accompanied by improved volumes. The MACD Indicator has issued a BUY Signal, while...
    6 years ago
  • Bursa Malaysia Stocks and Shares Analysis
    FBM KLCI and Malaysia GE14 - Last Friday, PM Najib announced the dissolution of Parliament. In the past, polling was held 17-32 days after dissolution. We believe the first weekend of ...
    7 years ago
  • KLSE Bursa Malaysia Blog One-Stop
    Bursa Malaysia Shares: Stimulus Hopes and Oil Price to Underpin Sentiment - Bursa Malaysia shares managed to rebound from early decline in choppy trade Thursday, in line with most of the regional markets as weak trade data from Jap...
    8 years ago
Home » Bursa Malaysia Outlook , FBM KLCI » FBM KLCI Weekly Technical Analysis: Rising Wedge

FBM KLCI Weekly Technical Analysis: Rising Wedge

  Joehari Matt    

Still within the second FBMKLCI Rising Wedge
  FBM KLCI – Sell at the upper band of the Rising Wedge.
  CPO Futures – To attack MYR3,465 & higher. 
  DJIA – Intra-week consolidation for the Dow.
  CRESNDO – A high yield (6.95%), low PE (5.3x) & 0.62 P/BV laggard stock. 

FBM KLCI Weekly Chart :

fbm klci technical analysis 

Support: 1,549 to 1,585  Resistance: 1,587 to 1,597

Strategy: The FBM KLCI gained 14.43 points to close at 1,585.83 last Friday. The local market rose in small daily spurts, with buying on some selective blue chips as well as obvious penny stock plays. Volume expanded from 1.81b to 3.59b shares last Friday. 

The obvious areas for the FBM KLCI are in the 1,549 to 1,585 zone. The next resistance levels of 1,587 and 1,597 may see heavy liquidation activities. The FBM KLCI consolidated in a tight range
of 801 to 936 from October 2008 to April 2009, but broke above its resistance level of 936.63 (Wave a/B) in April 2009 and surged to an all-time high of 1,597.08 on 11 July 2011. Its intermediate Wave b/B low was 836.51. We traced out a Wave c/B (of the Flat 3-3-5 variety) rebound phase to its all-time high of 1,597.08 (c/B). A downward “killer” large-scale “Wave C” is now in place and has only just begun, with a temporary low formed at 1,310.53 (Wave a/C).  A temporary rebound wave (Wave b/C) is underway and may take the shape of yet another Rising Wedge pattern (as shown on the chart above).

If the index breaks the second upper Rising Wedge trend line, we would revise our Wave Count of an extended A-B-C correction to 1,310.53, and the current wave would be an extended Fifth Wave of the major Flat correction from the 801.27 low. Trade cautiously, as the index  has temporarily peaked at 1,594.72 (short of  the 1,597.08 high). We  favour this second “overbought
scenario” for the index. A test of the 1,594.72 and 1,597.08 could be met with heavy selling. Some stocks we like are: AIRPORT, BAT, CRESNDO, GENTING, JCY, JTIASA, KMLOONG, MBL, MHC, TAANN, TAKAFUL, TENAGA, THPLANT, TM and YTL. 

 

by Maybank IB

Blogger's Blog Updates

  • 1KLSE
    KPJ Healthcare Berhad - Announcement - Oct 07, 2021 Dear investors, The following announcements have been uploaded into KPJ Healthcare Berhad Investor Relations website. - Changes In S...
  • Talk About Share Market
    Be cautious of small caps run on Bursa - THE small to medium caps run on the stockmarket this round is not quite the same as previously when their share prices were ramped up as a result of specul...
  • davors investment setting
    Stock Track - 13 APRIL 2011 (BJTOTO) - Will have a look on BJTOTO for coming few days as rumors flow. KUALA LUMPUR, April 12 — Tycoon Vincent Tan is considering selling a 49 per cent stake in th...

News

Links

  • KLSE 2U
  • Bursa Malaysia My Blog
  • KLSE Online
  • Malaysia Bursa

About

KLSE Bursa

Web Links

  • Privacy Policy
Copyright © KLSE Bursa Malaysia Blog One-Stop. All rights reserved. Template by Romeltea Media | Published by FLYTemplate