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Showing posts from May, 2013

Bursa Malaysia - Lower Liners Strength Lift Market

Technical Buy On TRC Synergy & WCTBursa Malaysia shares reversed earlier losses to edge into positive territory yesterday, with strong buying interest lifting lower liners and small cap stocks, in tandem with key regional markets which turned higher in spite of little overnight news flow from outside of the region to influence trading in Asia. The KLCI gained 9.03 points to close at 1,776.16, off an early low of 1,765.94 and high of 1,779.64, as gainers edge losers 633 to 239 on robust trade totaling 2.58bn shares worth RM2.75bn.

Resistance at 1,791 & Support at 1,765
As for the index, immediate resistance is seen at 1,791, representing the 138.2% Fibonacci Projection (FP) of the 1,526 low of May 2012 to the1,718 high of April 2013, with 1,814, the subsequent  150%FP,  and  the  record  high  of  1,826  providing  stronger  resistance.  Support
for the index remains at last week’s low of 1,765,  followed by the pivot lows of 1,752 of 10 May and 1,743 of 6 May, while the…

Bursa Malaysia - Sidelined Ahead of GE13

The local stock market clawed back into positive territory from early decline on Tuesday, in line with most regional markets as sentiment was boosted by better housing data in US and expectations  that  the  Federal  Open  Market  Committee would  reaffirm  their  monetary stimulus  measures.  The  KLCI  gained  9.68  points  to  close  at  1,717.65,  off  an  early  low  of
1,702.83 and high of 1,718.44, but losers beat gainers 443 to 254 on improved trade totaling 811.6mn shares worth RM2.26bn.

Resistance at 1,718 & 1,740
Investor  sentiment  should  remain  tepid  ahead  of  a  holiday-shortened  trading  week,  and with  most  market  players  choosing  to  remain  sidelined  pending  the  outcome  of  the  GE13
this weekend. Immediate resistance remains at last  Friday’s intra-day record high of 1,718, while  a  breakout  would  target  1,740,  123.6%  Fibonacci  Projection  (FP)  level.  Meanwhile, immediate support stays at the previous 1,699 record high of Jan 20…