Both the KLCI and STI looks weak on the charts. KLCI saw a failed breakout of its sideways trend (1,330-1,374), now that it has fallen back into it. 1,391 could be the all time high and is now the key resistance. STI has also fallen below its wedge and if my wave counts are correct, the wedge was minor Wave v in a major Wave 3. The fall could be the start of corrective Wave iv in the Wave 3.
Remember the unwinding of the Yen carry trade back in Feb? It looks like there are some unwinding now. The Ringgit and Spore Dollar also has weaken, which could suggest that funds are now leaving our markets. If the unwinding becomes more hectic, ooo, you don't really wanna know where both markets would be heading next and how fast would it be to get there. These are volatile times and it is not wise to jump in head first. Let just say, be careful in the markets right now.
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2 comments:
Shooting Star,
I don't know charting. Technically, is the market on down trend now?
P/S: Received 'tip' on Century last week but didn't buy and found out today it has gained 70%!
Surewin
The charts has not confirmed a downtrend as yet, just that there are cautious signs pointing to more downside.
hmm, good 'tip'... next time you have a 'tip', share it with the rest, my friend :)
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