Our market has entered a corrective phrase since Tanjung Piai by-election result on November 16. Our politic can only get more confusing in the next one year. Yesterday Malacca ruling government's failure to pass its own resolution to appoint a Senator is a sign that this problem will continue even after Dr M has made way for Anwar to be the next PM.
Looking at the chart, we can see FBMKLCI is now hanging onto its 50-day SMA line. The indicators are weak, with MACD crossing below its MACD signal line; -DMI above the +DMI; and Stochastic RSI entering into oversold territory.
In view of the negative outlook, it is advisable to avoid trading in the present market.
Chart: FBMKLCI's daily chart as at Nov 25, 2019 (Source: Malaysiastock.biz)
No comments:
Post a Comment