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Thursday, May 23, 2013
Wednesday, May 22, 2013
Tuesday, May 21, 2013
Monday, May 20, 2013
Friday, May 17, 2013
Thursday, May 16, 2013
Taking cue from the strong close on Wall Street overnight, the FBM KLCI opened with an upside gap of 4.2 points at 1,792.63 and climb to the intra-day high of 1,793.87 in the first hour of trading, and heavy profit-taking which set in sent the key index lower for the rest of the day to hit the intra-day low of 1,781.02 before rebounding slightly to close off low. Chart-wise, the FBM KLCI formed a bearish engulfing candlestick pattern, a key reversal candlestick pattern, which indicates the key index is toppish and was facing heavy selling pressure. Hence, the FBM KLCI is likely to slide lower today on continue profit-taking on blue-chip stocks which has made decent gains recently. Immediate downside support is at 1,775 while the overhead resistance is at 1,793.
MACD was higher but is tapering off while its histogram has contracted for the second bar, indicating a fast reduction in the upward momentum. RSI (14) was lower at 71.9 from 75.1, reflecting a pullback in the key index. Stochastic was higher at 71.8 from 69.3,indicating the short term up cycle is still intact. Mixed readings from the indicators showed that the FBM KLCI is going into a correction or consolidation mode.
The trend of the FBM KLCI remained up, however, the key index has already showed signs of toppishness with three key reversal candlestick patterns forming over the last three sessions, indicating heavy distribution of stocks are taking place at current level. Hence, the FBM KLCI is likely to further correct itself with an immediate downside support zone at 1,779 to 1,760 provided by the 5 and 10-day SMA. A break of the 10-day SMA will likely see a deeper correction which will eventually close the gap at 1,743 to 1,718.
Overnight, the DJIA rose 60.44 points or +0.40% to close at 15,275.69. Today, the FBM KLCI is likely to trade within a range of 1,765 to 1,806.
This week's expected range: 1697 – 1818
Today’s expected range: 1765 – 1806
Resistance: 1799, 1798, 1806
Support: 1765, 1773, 1778
Wednesday, May 15, 2013
The FBM KLCI opened 1.75 points lower at 1,786.15 and rebounded to the intra-day high of 1,793.15 within the first hour of trading. Profit-taking activity set in and pushed the key index to the intra-day low of 1,784.34 at noon. The key index rebounded slightly and moved sideways in the afternoon before closing marginally higher. Chart-wise, the FBM KLCI formed a white inverted hammer candlestick, which indicates profit-taking activity was generally dominant for the day but the bulls fought back and managed to put the index into the positive territory with just a marginal gain. From the price movement yesterday, we can see that the key index is facing heavy resistance at level above 1,790-point, and the upward momentum is reducing as can be seen from the smaller daily trading range. Hence, the FBM KLCI is likely to pause for a breather at current level to consolidate its recent gains before moving higher to challenge the 1,800-point psychological resistance level.
MACD continued to climb higher, but its histogram was lower, indicating a reduction in the upward momentum. RSI (14) was marginally higher at 75.1 from 75, reflecting the marginal gain in the key index, and the key index is still in a very bullish state. Stochastic was higher at 69.3 from 63.9, indicating a continued improvement in the market strength and the short term up cycle. Readings from the indicators showed that the FBM KLCI is losing its upward momentum, and hence, is likely to consolidate.
The trend of the FBM KLCI remained up. However, the key index started to show sign of tiredness from the price action over the last two days as heavy profit-taking activity started to emerge. It is likely that the FBM KLCI will pause for a breather to consolidate itself before making further move to challenge the 1,800-point level. Immediate overhead resistance zone is at 1,793 to 1,800 while the downside support zone is at 1,784 to 1,775.
Overnight, the DJIA rose 123.57 points or +0.82% to close at 15,215.25. Today, the FBM KLCI is likely to trade within a range of 1,775 to 1,802.
This week's expected range: 1697 – 1818
Today’s expected range: 1775 – 1802
Resistance: 1793, 1798, 1802
Support: 1775, 1779, 1784