The local market had confirmed further correction and consolidation. The trading volume still low with the losers beat the gainers by 358 Vs 288. We remain very caution at this stage. This morning there are many oversold counters were gaining some trend but the trend was getting weak in the afternoon. Hence we suspect there are many investors choose to sell and stay sideline. Maxis buying interest come back today after it had been sold for the last 4 days. Is it a technical rebound or real up trend? We saw Proton is a good buy for today. If it can break the resistance 4.06, the next hurdle is 4.16 and 4.26. However if the market sentiment remains bad, we don’t expect Proton can do much. I believe it is still a stock to buy for mid to long term. Lets stay sideline for a while.
Important Notice
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