This is the crazy season again. Investors are throwing shares out the window regardless of prices. I personally feel that you may get better prices later instead off rushing to sell in this mad stampede.
I have appended below two charts of our FBM-KLCI. From Chart 1, we can see the horizontal support levels are at 1475, 1435, 1400 & 1350. From Chart 2, we can see that a 25%-retracement would set the market back to 1400 while a 38.2%-retracement would push us back to 1300. In the last bear market, the FBM-KLCI broke the 1350 strong horizontal support and the big drop set in. For the current market, if we break 1475, the big drop would set in too.
Chart 1: FBM-KLCI's weekly chart as at Aug 8, 2011 (Source: Quickcharts)
Chart 2: FBM-KLCI's weekly chart as at Aug 8, 2011 (overlaid with Fibonacci retracement level) (Source: Quickcharts)
2 comments:
at opening this morning klci already broke 1475. currently down 56 points to 1439. is this hell?
Dear Alex,
Whats your opinion of getting Huayang in this crazy period? what is the entry price? Man , now is like mega sale.
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