So today the index breaks new high with high volume. This is not the time to buy. It is the time to wait and see. See how strong is the profit taking and whether there are more people waiting to buy. If the major newspaper publish this in the front page, then beware!
I took a lost in Wahseong this week. Oil and gas not in play anymore? I ignored the technical signs because of my fundamental view for this counter. You see how my so called neutral stand can be easily sway by other factors. I got on the wrong O&G counter.
Since everything is going up, stock selection will be easy now.
Anyhow, using my volume/candle criteria, I took profit on Frontken. I always feel uncomfortable when a counter shoot up too fast. It's like a sprinter that will run out of breath after 100m. I prefer marathon runners counter. Less stressful for the mind.
5 comments:
Agree oil&gas not hot lately. Maybe due to falling oil prices. Now only US$60.
malaysia mkt always follows the big boy which is usa ... and with the current crude oil below $60, it only make sense for the local oil counter to consolidate ... in usa, major player such as slb, rig, murphy etc has gone down weeks ago ... they're more sensitive to oil price movement ...
http://stocktube.blogspot.com
FRONTKN will be another GPACKET! http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_40f8fcf8-cb73c03a-67047900-117b3771
The next hot stock http://www.btimes.com.my/Current_News/BT/Monday/Column/BT591150.txt/Article/
WASEONG is still in a downtrend - The slope of the 20-period MA in weekly and daily charts are pointing down.
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