Our KLCI had on last Friday (231107) mainly stayed in a range bound trading condition with CI fluctuating between 1345 and 1354 and close the day near the high at 1353.55, however, it never goes below the close on Thursday of 1344.16. Volume shrunk to a low 630 million shares which indicate a lack of interest. Gainers lead losers with 464 against 287. After 3 weeks since the correction started on 1st November, the KLCI has came down from its peak of 1423.81 to the 120 days MA support at 1340. If this support holds well, KLCI may take a breather from its recent correction and move into sideway consolidation with a range between 1340 and 1380. Hopefully the listing of Synergy Drive on the 30th November will bring some life to the market.
For the Singapore STI, it is also showing a temporary bottom signal with the low of 3306.53. STI will also goes into a sideway market with a range of between 3300 and 3500
The Hang Seng Index has also seen a temporary bottom at 25861. It may swing between 25500 and 28000 points
As for the Dow Jones Industrial Average (DJI), it closed last Friday at 12980.88 with a green Marubozu candle, indicating that the bulls are in control the whole day, trying to fight back to bring the index back near the 13000 level. Whether the bull will succeed in their attempt is really critical for the Dow, we will find out tonight.Disclaimer: The above is not a recommendation to buy or sell, all suggestions mentioned are purely for academic study purposes for our trend trader club members only, and the author may have personal interest and position in some of the examples mentioned. Any losses incurred if you were to trade base on the study examples above is sole your own responsibility. Do consult your dealer before taking any action.
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