Disclaimer

Disclaimer :We shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this report is based on data obtained from sources believed to be reliable and opinions formed are from belief of the individual author. The Publication should not form basis to be relied upon in decision making. Any future outlook,forecasts or any future interpretation are in no event guaranteed and are merely opinions and views of the author.

Friday, 8 November 2013

KLCI DAILY 8 NOV2013

KLCI DAILY CHART                                                HAFIZ RUSLI           
Share analysis
Based on the daily chart, uptrend still intact as the index managed to stay above uptrend line. However, volume decline indicate that the upside movement is

losing momentum after it failed to break all time high 1826 recorded after the GE 13. RSI pointing down while negative crossover can be noticed on MACD indicator. It indicate that correction is about to happen.

Trading strategy
Since KLCI in correction phase, it is better to stay side line and wait for rebound. Buy on weakness is the best method to protect your capital. Use weekly chart for market direction and daily chart to fine tune enter and exit strategy. It must be compliment by other indicators such as RSI, MACD and volume to confirm the rebound.

Price projection
Short term                -Resistance 1826  (previous high, all time high)
                                -Immediate support 1800  (psychological level of support)

Medium term            -Resistance 1826  (previous high, all time high)

                                -Support 1765  (significant level of support)
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