Friday, November 13, 2009

Bursa Malaysia Weekly Summary

FBM KLCI Weekly Chart

KLCI: Still going up, but beware! Volume is lower than the previous week. All possible Fibonacci retracements have been reached. The next possible resistant is at 1300. If this is broken, then most probably the gap at 1350 will be closed.

Sector summary:
Malaysia Monthly Weekly Daily Note
FBM KLCI Up Up Up R=1.3k, S=1.2k.
Finance Up Up Up R=11k, S=9.5k.
Construction Up Up Neutral R=250, S=220. Correction
Plantation Up Up Up (+) R=6.15k, S=5.8k. Correction
Property Up Neutral (-) Neutral R=820, S=760. Correction

Look out at the plantation sectors. It got a big boost on Monday, but then no life. From the CPO chart, looks like a breakout has occurred (I will post the chart in the commodity summary).

I'm currently teaching myself on how to trade the index by playing the index call warrants. This derivative instrument has a different behavior and I'm trying to adjust myself to it. Only when I feel that I'm familiar with it that I will trade the index futures. Past futures mistakes still haunt me. Just need to rewire my mind.

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