The first gap at just below 1200 is now covered. The next gap is at 1350 (pink circle). Will KLCI cover this one too? Weekly momentum continue to weakened. Volume also continue to reduce because the penny shares are not drawing any interest. However, comparing the volume week-by-week, there was a slight increase. Only the bluechip shares that are currently being pushed up. You can notice that the bluechip shares take turns to go up (Monday was KLK/Tenaga, Tuesday was IOICorp/Sime, Thursday was IJM, Friday was CIMB/PBBank).
|FBM KLCI||Up||Up||Up||R=1.3k, S=1.15k|
|Plantation||Up||Up||Up (+)||Broke out of downtrend.|
|Property||Up||Up||Up (+)||Finding a base.|
|FBM ACE||Up||Neutral||Down (-)||Down or consolidation.|
The summary for various sectors is given above. Plantation index has broken out of the downtrend again. Will this hold or another fake break? I think that this one is not a fake out. So, watch out on plantation counters. I'm currently just sitting tight with my positions. My property counters are working nice last week. IJMLand and E&O continue to move up. Only SPSetia still refuse to run. Most probably SPSetia will run next week. Hopefully, next week is also a good week.