Friday, January 08, 2010

Bursa Malaysia Weekly Summary

FBM KLCI Weekly Chart

KLCI has broken the previous resistance. Looks like it is going towards 1300 and above. Most probably it will cover the gap down at 1350. The fuel for this rally should be from the plantation sector. Finance sector is almost at its 2008 high now. Therefore, I don't think that finance will contribute much to this rally.

Malaysia Monthly Weekly Daily
Finance Up Up Up
Construction Up Up (+) Up (+)
Plantation Up Up Up
Property Up Up (+) Up (+)

This week, the construction and property sectors gave a buy signal. However, based on my interpretation, this move is not strong. Both still need to correct first before they can move any higher.

Anyhow, daily charts indicate a slight overbought scenario. So, I'm expecting a pullback. This could be the last rally before reality sets in again for the next panic.

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