Saturday, October 17, 2009

Weekly Summary

KLCI Weekly Chart

KLCI has surpassed the 61% retracement level. Daily and weekly chart indicates overbought (again!). I think that resistance is around 1290 to 1300.

ACE Market is now also up. That means from bluechips to penny shares are all out. Volume are higher but not at the euphoria level. Property index has broken out of a rising wedge. Since the property index daily chart is overbought, I'm expecting a pullback before more upside.

The sector summary:
Malaysia Monthly Weekly Daily Note
FBM KLCI Up Up Up R=1.3k, S=1.15k. Overbought
Finance Up Up Up R=11k, S=9.5k. Overbought
Construction Up Up Up R=250, S=220
Plantation Up Up Up R=6.15k, S=5.8k
Property Up Up Up R=820, S=760
FBM ACE Up Up (+) Up (+) Breakout fr triangle pattern.

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