Yes, we had confirmed the market further weaken today. The KLCI finally unable to close above 1270 after sustains above it for last 3 trading days. The volume fell below 700 million shares. We had sold most of our stocks in the late afternoon session as we saw the market is slowing down. Nevertheless we expect the CI components are under correction this time. The KLCI is closed below 20 days moving average (EMA) now. The immediate support level is about 1254 to 1248.
GENTING – Bullish bias, resisted by trend line 7.45 and 7.50.
HIAPTEK –We expect a short-term consolidation as the resistance advanced to 1.55 and above. The trend is still bullish.
KPJ went up to 5.92 this morning and facing some selling pressure to close at 5.73. The candlestick forms a long shadow today and signals a short-term consolidation. Uptrend is limited. Nevertheless the trend still bullish.
MEASAT as expected after a one day big up, it was under profit taking. The candlestick is out of the 20 days Bolinger upper band now, so I expect a short term correction and consolidation happen before another uptrend restart.
EONCAP confirms in the uptrend but facing a stronger resistance above 6.26. Despite the price grew 3.5% but I expect the uptrend is limited due to the buying volume cool down.
New Stock to watch
BSTEAD had formed a rounded bottom. Good buy if it able to break 3.70. Keep watching.
IJMPLANT – the problem for this stock is the support volume is too little. Watch for break out 2.65 with volume.
SUPPORT – The fundamental of this stock is not good. I had been watching this stock for a few days and it’s still up bit by bit everyday with the daily volume more than 40 days moving average. Today it broke out short-term resistance 1.21. The uptrend looks promising.
RUBBEREX – Continue to rise for 2nd day with low volume. You need to watch for the volume grow and break out 2.02 before you consider it.
BRDB – Price hold at 1.43 for 3 consecutive days with high volume. Trend reversal might happen anytime. Keep watching.
