Regional bourses all open with a panic gap down on Tuesday morning following the falls of 218 points on DJI on Monday which closed at 12958, below the 13000 psychological support, this really cause the regional market to jitter, hence, the panic gap down opening. However, one can observed that the downward selling pressure did not last and the bull was fighting in the afternoon session. HSI and STI closed the day with a bullish reversal candle. HSI will have to go back above 28000 to maintain the medium term uptrend, and STI will have to go above 3500 to keep its long term uptrend intact. As for our KLCI, we lack a bit of strength, and closed the day off low at 1371.70 (-8.21, -0.59%) to form a bottom reversal black Hammer candlestick. Whatever it is, KLCI is now stuck in a sideway trading range of between 1360 - 1400, hopefully the listing of Synergy Drive will bring the KLCI above 1400, and that will bring life to our market again.
The DJI has on last night seen a roller coaster ride with the bull winning the battle for the day to close Tuesday at 13010, and the psychological support of 13000 was temporary defended. This also keep the DJI within the uptrend channel which must be defended, otherwise the whole world will purge.
Some of the stocks that may offer short term trading opportunities are CBSTech, GPlus and Tanco. However, one must be quick in taking the profit when you see it.
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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