The market is getting very bad in the afternoon session. Although the KLCI manage to push back above 1270 at the closing, no doubt I classified this as the start of the correction for many stocks after the penny stocks were corrected since last week. The most severe sector is the contruction, many well known good construction counters like Gamuda, Wct, Zelan and Sunway are badly hit. The construction Index look bad right now.
The problem started from Gamuda since the last 3 trading day ago, something is very abnormal on this counter. As you can see the selling volume is huge today. Why people wanted to get out from this counters? The chart gave us the 1st signal to get out from this stock when it broke down from the support trend line at about 3.05. You see if you are a chart user you will not get into the big trap. The most you loss less or gain less rather than no gain but big loss.
(Please check the Chart Pattern for Gamuda and Construction Index) come inside
The KLCI only dropped 0.39 point with 401 losers Vs 267 gainers. The KLCI was dropped below 1270 at about 4:30pm but it was pushed up again at the closing. The trading volume is still low with about 764 Mil shares exchanged. We have to be very caution right now, you either side line or select the good stocks that just break out the resistance with buying volume. Hil, Astro and Measat are the examples of the counters that broke out of the trend line with buying voume today.
