FBM KLCI added another 7.35 points at 1278 with slightly more than 1 bil shares traded. The volume today is above 40 days VMA and this is a good sign for KLCI to move higher. The STC indicators maintain above 70%, this could be the turning point for KLCI to continue its uptrend. The immediate resistance is 1280 and the support is 1263. Breaking above 1280 could bring the KLCI to 1300 level.
OUR WATCH LIST PERFORMANCE
BIMB went up 8.73%, as mentioned on the mid-day update it faces a high resistance from 1.50 to 1.65 because there were many investors stucked at these levels during year 2007 from Aug to Nov. Now the chart look bad as the candle stick form a long shadow after closing, suggest that a heavy selling activities on this stock was going on. (drop from the watch list)
MBSB went up 6.8%, it was hitting a 1 year high at 1.15 this morning. We do expect a heavy selling pressure above 1.15. The closing pattern almost the same as BIMB. (drop from the watch list)
HLFG went up 1.49%, the price was retracted from the morning. Immediate resistance is 7.00. This stock is good for long term investors only. (place under radar screen)
HEVEA went up 0.68%, hitting another 52 months high this morning but the candle stick form a doji shape (+ shape), suggests that there could be a short term correction. Immediate resistance is 0.85, 1.07. If it can sustains above 0.76, it has a very high chance to break 0.85 after consolidation. (place under radar screen)
OUR HOLDING
AFFIN added another 12.82% today with heavy volume. We had exited 50% to protect the profit but still holding 50% of it. As long as the rumours of merging is still going on, we believe the momentum is sustainable as the candle stick shown no heavy profit taking yet. We will continue to hold for a while however we will sell it off when the chart pattern is unfavorite to us.
KENCANA up 2.08%, continue to hold. There is no selling pressure on this stock.
AMMB up 1.38%, continue to hold for longer term.
