Monday, July 20, 2009

WTIC found support at USD60

WTIC has rebounded off its horizontal line support of USD60 last week. However, it is likely to trade in the USD60-70 band for a while (say, for the next 2 weeks) before rising further. One can see that the 20-day SMA will be cutting below the 50-day SMA soon- a mildly negative development. Nevertheless, WTIC is still trading above its rising 100-day SMA and with that I believe the uptrend is still intact. A break above the recent high of USD74 will signal the continuation of the prior uptrend.


Chart: WTIC's daily chart as at 17/7/2009 (Source: Stockcharts.com)
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3 comments:

  1. okatingMonday, July 20, 2009 7:25:00 PM

    Dear Alex,

    KLSE rose another 18 points today , still cant confirm up trend yet ? your views please .

    Tq.

    ReplyDelete
  2. Alex LuTuesday, July 21, 2009 9:27:00 AM

    Hi Okating,

    I'll say you are quite persistent. I think your question is being answered by the market loud & clear in the past few days.

    Nevertheless, we must be cautious of the strong overhead resistance area for our KLCI at 1140-60. Many other stock markets have come up to their recent high. So, I expect some correction in the days ahead. This correction can be severe given how far the market has traveled in the past 6 trading days.

    ReplyDelete
  3. okatingWednesday, July 22, 2009 10:12:00 AM

    Dear Alex,

    Thanks for yr compliment alex.

    KLCI roses above 1,150 , still cant confirm uptrend yet ? still need to wait couple of days somemore ?

    If we still need to wait for clearer picture , why you called to buy bjtoto,maybank & HLbank ?

    Your explaination is very much appreciated .

    Tq

    ReplyDelete