Posts

Showing posts from April, 2012

FBM KLCI Weekly Technical Analysis 300412

Image
Support: 1,509 to 1,562 Resistance: 1,567 to 1,609
Strategy:  The FBM KLCI tumbled 24.05 points to close near the week’s low (of 1,566.55) at 1,567.80  last  Friday.  The  local  market  fell  last  Monday,  followed  by  3  lacklustre  days  of  trading and plunged further last Friday. Volume shrank from 1.66b to 1.30b shares last week. There was obvious  penny  stock  liquidation  as  well  as  heavy  blue  chip  selling  on  worries  of  the  Bersih  3.0 rally held last Saturday. below: FBM KLCI Weekly Chart (click to enlarge)The  very  weak  support  areas  for  the  FBM  KLCI  are  in  the  1,509  to  1,562  zone.  The  next
resistance  levels  of  1,567  and  1,609  will  see  very  heavy  liquidation  activities.  The  FBM  KLCI consolidated in a range of 801 to 936 from Oct 2008 to Apr 2009, but broke above its resistance of  936.63  (Wave  a/B)  in  Apr 2009  and  surged  to  a  previous  all-time  high  of  1,597.08  on  11  Jul 2011. Its intermediate Wave b/B low was…

Today's Malaysia Stock Market Preview 2604

A relief rebound could be in store for Asian equities today. This follows an overnight rise on Wall Street, which saw its key indices climbing between 0.2% and 2.3% at the closing bell.

Essentially, sentiment was boosted by strong U.S. corporate earnings momentum and optimism that the Federal Reserve would step in to stimulate the economy if necessary. The positive vibes on the external front could give a push to our local bourse with the benchmark FBM KLCI possibly pulling away from the immediate support line of 1,580 ahead.

Stocks that may be in the limelight today include: (a) DiGi, after announcing a capital distribution of 6.4 sen/share and an interim tax-exempt DPS of 5.9 sen, translating to an overall yield of 3.1%; (b) Ramunia, as local news reported that it has received a conditional letter of intent from oil major Shell to undertake fabrication works; and (c) Privasia, which has won a RM13m contract
to supply, install and maintain fibre optic network in Malacca. Se…

FBM KLCI Weekly Technical Analysis 2304

Image
World markets may reverse downwards soon
  FBM KLCI – Within the second Rising Wedge. A breakdown is imminent.
  CPO Futures – Stalled at MYR3,628. Correction phase emerging.
  DJIA – Key peak sighted at 13,297.11. Sell on rallies.
  MRCB – Take Profit on this stock. Support: 1,540 to 1,586 Resistance: 1,591 to 1,609

Strategy: The FBM KLCI lost 11.27 points to close at the week’s low of 1,591.85 last Friday. The local  market  moved  unconvincingly  throughout  the  whole  week.  Volume  shrank  from 2.14b  to 1.05b  shares  last  week.  There  was  also  some  apparent  penny  stock  churning  activity. The weaker  support  areas  for  the  FBM  KLCI  are  in  the  1,540  to  1,586  zone.  The  next resistance levels of 1,591 and 1,609 may see heavy liquidation activities.  above: FBM KLCI Weekly Chart

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 2…

KLCI Weekly Technicals - Not wise to go against the downward US tide

Image
FBM KLCI – Still wrapped within the second Rising Wedge.
Support: 1,562 to 1,600 Resistance: 1,603 to 1,609
Strategy:  The  FBM  KLCI  gained  4.25  points  to  close  at  1,603.12  last  Friday.  The  local  market moved uneventfully throughout the whole week. Volume shrank from 1.35b to 1.08b shares last week. 
The obvious areas for the FBM KLCI are in the 1,562 to 1,600 zone. The next resistance levels of
1,603 and 1,609 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 a previous 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  (5/III/B).  A  downward  large-scale  temporary  low was  formed  at  1,310.53  (Wave  IV/B).  A  temporary  …

Weekly FBM KLCI Technical Analysis

Image
Test of 1,597.08 or a window-dressing decline?
  FBM KLCI – May reverse near the key 1,597.08 all-time high.
Support: 1,562 to 1,581 Resistance: 1,596 to 1,597
Strategy: The FBM KLCI gained 10.50 points to close at 1,596.33 last Friday. The local market moved  uneventfully  until  last  Friday,  when  very  obvious  low-volume  1Q  window-dressing activities emerged. Volume shrank from 1.94b to 1.25b shares last Friday. above: FBM KLCi Weekly chart (click to enlarge)  

The obvious areas for the FBM KLCI are in the 1,562 to 1,581 zone. The next resistance levels of
1,596 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…