A look at the monthly chart below shows that the CI is now at the February 1997 high of 1278/79 level. If the CI can surpass this level, it may revisit the January 1994 high of 1332. However, I believe the 1278/79 level will be a strong resistance & the market may not be able to breakthrough this resistance on the first attempt. A failure to do so could set the stage for a correction of the market's recent sharp run-up.
Chart: CI's monthly chart as at Feb 16
2 comments:
Dear Alex, Thanks for your hard work to publish your good investment ideas on your blogspot. I am benifited a lot. As Maybank result[within my expectation] was released tonight, do U think that market may use maybank [push up RM 0.50-0.60] to breakout from 1280 at single attempt?
Sorry, I did not post any comment in reply. A good news that moves up the share price of a heavyweight, such as Maybank, may have a temporary effect on the market. I do not, however, believe that the effect can change the course of a market. Certainly, not a market with trading volume such as now.
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