Friday, September 21, 2007
Bull vs Bear (21 Sept 2007)
Short and medium term bears continue to go down. The rest no significant change.
Why are Malaysian counters not moving? Well, let's look into the Top-10 blue chips:
Maybank: Long term support has just broken, going down. No end in sight.
Commerz: Long term uptrend. Correction may be over and currently fighting to continue up.
PBBank: Long term uptrend and it seems possible that the correction is over. Trying to build a base at around 9.50.
Tenaga: Long term support broken. Going down and no end in sight.
TM: Long term support broken. Going down but much slower as compared with Tenaga. No end in sight.
Sime: Long term uptrend. Looks like correction is over and trying to push up higher.
IOICorp: Long term uptrend. Trying to break 6.00.
Genting: Long term uptrend. Correction may be over and in base building phase now.
MISC: Long term uptrend but still unable to break above 10.00. Correction may be over now and going for another attempt to the upside.
Resorts: Long term uptrend. Currently under correction mode and trading within a clearly defined uptrend channel.
So, looks like the bears are a little bit stronger for the top-10 blue chips. No wonder KLCI cannot go up.