Chart: FBM-KLCI's weekly chart as at July 14, 2010 (Source: Tradesignum)
Let's take note that the mischievous bull of 2007 ended with a bang where it zoomed up to a new high before expiring. Would the current bull pull off a similar trick?
Thursday, July 15, 2010
Market Outlook as at July 15, 2010
Our present market remains me of the market in 2007. Despite bearish divergence in some indicators & the declining volume, the market in 2007 swung wildly with an upward bias. Today, we see the same signs- bearish divergence in indicators & declining volume- but the market also seems to defy all odd. To me, the present market is tracing out a rounding top in the same manner that had happened in 2007. The completion of this top would happen when the market suffers a severe drop which would trigger the death cross (when the 50-day SMA line crosses below the 200-day SMA line). Until then, we must remain cautious.
Chart: FBM-KLCI's weekly chart as at July 14, 2010 (Source: Tradesignum)
Let's take note that the mischievous bull of 2007 ended with a bang where it zoomed up to a new high before expiring. Would the current bull pull off a similar trick?
Chart: FBM-KLCI's weekly chart as at July 14, 2010 (Source: Tradesignum)
Let's take note that the mischievous bull of 2007 ended with a bang where it zoomed up to a new high before expiring. Would the current bull pull off a similar trick?
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3 comments:
hi alex,
great observation. i also notice that our market keep on defy the odds and go higher. wonder who is in the market pushing up the market.
msports-or, do you see any arbitrage opportunity?
hi MaxWealth88
Msports does not look very convincing. Chartwise, it is still in a downtrend, with the downtrend line resistance is at RM0.44-45. I think it's better to give this one a miss.
thanks Alex.
regards
maxwealth88
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