Sudden slump down in the morning session triggered by stop till the low of 1269.5 point was proving that the illiquidity suffered in the market with the world cup taking the stage and in accordance with school holiday in Malaysia. A lot of the investors will start to ask whether our FKLI will retreat to that level again in the near future as this is normally happened previously. In our opinion, we will stick to our view -- if the FBMKLCI (cash) successfully taken out the 1303 – 1308 levels, short term traders should shift their trading strategy to temporary long.
Whether today the cash will successfully break through the above levels after overnight US market surged more than 200 points and even regained its posture above the MA 200 level? No one will know, we can just say, "chances are higher but not necessary". Risk averse investors should ready to cut if the above levels are being taken out convincingly.
For today, the support is seen at 1290 level and the resistance is seen at 1305 – 1310 levels.
US MARKET
Overnight DJIA just successfully broke through the MA 200, recovering from its correction phase. As long as the DJIA manages to sustain above this level tonight, the upwards trading is expected for the near term.
Yesterday, US market surged more than 200 points, +2.1% after the manufacturing gave the signal of the world economy recovering is expected to resume. The support is seen at 10320 level and the resistance is seen at 10500 level.
[Reminder:
1) China, Hong Kong and Taiwan market will be closed for today in accordance with Dragon Boat and Tuen Ng Day celebration.
2) US will release its PPI (Survey –0.5% Vs Prior -0.1%) and Housing Starts (Survey 648K Vs Prior 672K) later tonight.]
-------------------------------------------------------------------------------
The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
US MARKET
Overnight DJIA just successfully broke through the MA 200, recovering from its correction phase. As long as the DJIA manages to sustain above this level tonight, the upwards trading is expected for the near term.
Yesterday, US market surged more than 200 points, +2.1% after the manufacturing gave the signal of the world economy recovering is expected to resume. The support is seen at 10320 level and the resistance is seen at 10500 level.
[Reminder:
1) China, Hong Kong and Taiwan market will be closed for today in accordance with Dragon Boat and Tuen Ng Day celebration.
2) US will release its PPI (Survey –0.5% Vs Prior -0.1%) and Housing Starts (Survey 648K Vs Prior 672K) later tonight.]
-------------------------------------------------------------------------------
The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
0 comments:
Post a Comment