Monday, January 05, 2009

Market Outlook as at January 2, 2009

Our market is poised to break above its medium-term downtrend line, with resistance at 890-895. Thereafter, it will encounter resistance from the horizontal line of 925 & 965. It looks like the CNY rally (or, the January effect) is about to kick in.


Chart: KLCI's daily chart as at Jan 2, 2009 (source: Tradesignum.com)

Note: As at 9.10 am today, the KLCI was trading at 906.62 (up 12.26 points from Friday's close).

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