The first sign that O&G play was long in the tooth was when Perdana -which is related to current champion of the O&G, Dayang - started to moe move up on Mar 13.
Chart 1: Perdana's daily chart as at Mar 19, 2019_10.43am (Source: Malaysiastock.biz)
Today we saw the champion, Dayang breaking its "psychological level" of RM1.50.
Chart 2; Dayang's daily chart as at Mar 19, 2019_10.43am (Source: Malaysiastock.biz)
There will be technical rebound here and there as those who missed out on the play will try to get. I think this correction can be very deep and bloody. It is better to ignore the temptation to buy into the falling O&G stocks for next few days.
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