Market Outlook as at November 5, 2014

Our market has finally tested the underside of the violated long-term uptrend line at 1850 yesterday. After a 100-point rally off the low of 1766, the market is due for some profit-taking. The strong support would be at 1830-1835.

Until FBMKLCI has recovered above the uptrend line, the market uptrend is suspect.


Chart: FBMKLCI's weekly chart as at November 4, 2014 (Source: BTX)

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of any of the stocks or indices shown above.