Dow fell below the critical 12,700-12,800 level a couple of days ago. It appears that the Head & Shoulder pattern is taking precedence. This is a very bearish signal. If the Dow do not close above the 12,900 level tonight, we could be seeing 11,500 in the coming weeks for the Dow.
Regionally, the indices are doing really well, holding above their respective support despite the sharp fall in the US (which has recovered slightly). STI continue to hold above the 3,300 level. This is also a critical level for the STI.
KLCI continue to reach new highs but I believe that a short pullback could take place beginning late today. This pullback could last until Monday (the earliest) or Tuesday. Once this pullback ends, I expect the index to continue on its rise to about 1,546. Longer term, I see the index reaching the 1,601 level.
SS, last Friday's pullback was not so impactful, thank God! Do you think the real pullback has not started yet?
ReplyDeleteHow much will Bursa be affected by the US?
Not much - at least for now... today, could see a pullback early before it rallies some more with plantation again in the limelight..
ReplyDelete