A Fibonacci Retracement of 38.2% has taken its toll. The KL Composite Index as been expected has taken a mild correction. Whether this will be a mild correction, it would depend on how the KL Composite Index reacts to the world equity performance especially the Hang Seng Index or the Dow Jones Industrial Average. Judge from the futures (FKLI) index performance yesterday, we might seeing some correction ahead.
If we take a look at some of the speculation counters, they look more tiring if we want to compare to the overall market performance. No doubt they still can perform but many of them can’t even break their previously high recorded few weeks back. Maybe the share market just needs to take a break.
Yesterday some of Asian equity markets close with few bad indicators according to Candlestick reading. So it is very important to monitor it closely as we can see lately most of the Asian equity market are moving just like rocket especially the Hong Kong equity market and the Singapore equity market. Most of their share prices already reaching their last year prices (August/September 2008) before the global financial crisis strike.
So from my point of view, I would rather say that the overall Asian equity markets have little space to move on or maybe they have just ended their rally? At these moments it is quite hard to determine whether the share market rally is over or not because the Dow Jones Industrial Average still have more rooms to move on. As long the DJIA didn’t break the 8,600 points level, the overall Asian equity market might be heading for some corrections.
If we take a look at some of the speculation counters, they look more tiring if we want to compare to the overall market performance. No doubt they still can perform but many of them can’t even break their previously high recorded few weeks back. Maybe the share market just needs to take a break.Yesterday some of Asian equity markets close with few bad indicators according to Candlestick reading. So it is very important to monitor it closely as we can see lately most of the Asian equity market are moving just like rocket especially the Hong Kong equity market and the Singapore equity market. Most of their share prices already reaching their last year prices (August/September 2008) before the global financial crisis strike.
So from my point of view, I would rather say that the overall Asian equity markets have little space to move on or maybe they have just ended their rally? At these moments it is quite hard to determine whether the share market rally is over or not because the Dow Jones Industrial Average still have more rooms to move on. As long the DJIA didn’t break the 8,600 points level, the overall Asian equity market might be heading for some corrections.
19 comments:
if we look at a microscopic view of the world's major exchanges..we see there are lots of stocks trading way below their peaks of 2007....some of them have to overly sold to become penny stocks....yes! even in America! for example...fannie mae and freddie mac....they used to be 60usd and now they are just about 1.5% of their historic past....
whether its a buy or not...one have to consider himself....
recently i bought a penny stock called RITE AID CORP...i got it at about 95cts usd....waited for about 3 weeks...then suddenly it jumped up...i sold at about 1.40...but 2 days later...its now 1.80! this stocks used to be about 14usd last year.
i believe laggards are moving up across the whole world in a very very big way....
so my view is .... forget about indicies for the time being and go for small capitalized companies where the real gains are there for sure.
i also happenned to check the fiabonachi retracement for some stocks .... and if i used the weekly or monthly mode...there are still plently of room to go up...am i right or wrong?
Our KLCI immediate resistant is at 1150 points !! It's seem to have another 100 points to move up from current level of 1075 points.
So, short term uptrend trade is still intact.
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