Frankly if we look at the Malaysia share market, many counters especially the third liners are showing more tiredness in terms of trying to break their recently high created two weeks ago. The blue chips are climbing even higher with the KL Composite making a new high. This time around I believe that many players who have an earlier "Short" position or in the process of "Shorting" the FKLI (KL Composite Futures) would have lost lots of money.
At these moments some even still looking at the KL Composite Index will have a correction. The truth thing is they will happen but when it will happen ? I think this is a million ringgit question because if we all know when the share market is going for a real correction then many of them would have profit it from the FKLI (futures). Right now I can't really know where our market is heading to ? All I can say is, be a trend follower not a trend predictor. It is quite hard to determine whether current the uptrend is going to end ?
World equity markets especially the Asian region are performing very well with the Japan, Nikkei 225, Hong Kong, Hang Seng Index and the Singapore, Straits Times Index are creating new high. Same as the Malaysia, KL Composite Index also creating new high. It seems that nothing can stop them from moving forward, not even the Swine Flu, Nuclear Test in North Korea or a potential up-coming war in the Korean region. "ASIAN BOLEH"
The KL Composite Index already rebounded nearly to 38.2 % Fibonacci Retracement and the major hurdle will be around 1,067 points to 1,077 points. This will be the next resistance level for the KL Composite Index to cross over but I'm doubt about it as this will be the major hurdle for the KL Composite Index. Any attempt to cross over will depend on how well the KL Composite Index will rebuild their position right at these moments.
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