Showing posts from November, 2013

Sideways Trading to Extend

Buy IJM Land & Mah Sing for Oversold ReboundThe local market extended consolidation on Wednesday with most blue chips stuck in range bound  trade,  amid  the  cautious  regional  tone  ahead  of  the  U.S.  Thanksgiving  holiday  on Thursday.  The  KLCI  closed  flat  again  at  1,798.46,  off  an  early  low  of  1,792.21  and  high  of 1,799.82, as losers beat gainers 470 to 301 on cautious trade totaling 1.49bn shares worth RM2.03bn.

Support at 1,793, Resistance at 1,814
The present sideways trading should persist for therest of the week, as most investors stay sidelined  given  the  absence  of  a  market  catalyst.  Immediate  resistance  stays  at  last Wednesday’s  high  of  1,814,  followed  by  the  October  high  of  1,822,  and  subsequently  the
record intra-day high of 1,826 as tougher upside hurdles. Immediate support is at 1,793, the current  50-day  moving  average,  with  1,784,  the  23.6%  retracement  of  the  1,660  low  of August and 1,822 high of Octob…