In the early morning around 2.00 am to 3.00 am, I have been watching live update for the Dow Jones Industrial Average (DJIA) movement.
That early morning I can feel how the world stock market crash. At one time I saw the DJIA fell nearly 800 points. Wah ............. it was so exciting ....
During that time I was thinking whether there will be 1,000 points crash ? Luckily it never happens. What appear in my charts stated that DJIA is currently near to the bottom. The index has drop -2,408.23 points from the high recorded on 11/08/2008 at 11,933.50 points to current new lows recorded in the early morning.
So the early morning lows of 9,525.32 points would be a support at the moment. I will give another 180 points plus minus around this level.
If we check the previously DJIA movement on the charts, I think DJIA hardly will breach the 9,500 points in near term. It might consolidate around 9,500 points to around 10,700 points (+ , - 180 points) before another bear run appear.
If my calculation on DJIA appears to be correct...... then our Malaysia share market will rebound accordingly. How far our market will move ?
It will depend on how our global world market reaction. Remember there are still many financial institutions in U.S and European waiting to be bailout by their governments. Anything can happen in overnight ... just be cautious.
Happy Trading.......
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