Monday, July 13, 2015

KLCI Show More Positive Movement Lately?

It seems that after 2 weeks of political tension on 1MDB issues, Wall Street Journal Report on Prime Minister receiving billion of ringgit deposited into his account and latest news on Prime Minister's wife bank account deposited about 2 million ringgit.
The KLCI experiencing some huge movement going down sharply from around 1,738 point (02.07.2015) to create another new low at 1,685 point (09.07.2015) before rebounding solid for 2 days to close at 1,715 point.
Based on the technical chart reading it seems we are in the middle of technical rebound with the index showing more strength but based on candlestick reading we are in for trend reversal but with the current 1MBD and the Prime Minister issues going around, it is not advisable or encourage to get involved in this market sentiment with so many bearish news around.
We might have some counters moving up but it wont be long because most of the equities share prices still traded below 200 days moving average and it is a sign that some of the equities are still very week.

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