Asian markets all ended with huge gains whereby Hong Kong market top the list with 7.41% gains, Singapore the second, 5.94% and Japan the third, 4.40%. This type of scenario has been missed for almost a year. Analyst said the optimism came from positive US economic figures and the G20 Summit also helped.
KLCI followed its peers and moved upwards so strong that it eventually broke the 900 psychological block around 4.00pm. Volume also increased by more than two folds at 841 mln shares.
Today’s unexpectedly strong performance of the market came as a shock to even the most prominent Technical Analysts. Just yesterday, both HwangDBS Vickers Research and OSK Research sent out skeptical comments on the outlook of the market.
Again, this morning, OSK Research maintained its bearish view towards the near-term market. The research house in its note today said it was looking at an immediate resistance level of 900 points followed by 910 points and 930 points, while immediate support is expected to be within the 878 to 880 points followed by 835 points as the next level. Of course, they have their grounds for saying that.
After today’s trade, the Key Indicator (Blue) of the Daily MSO Chart makes known its affirmative bullish tone and shoots high straightly towards its overhead barrier – the upper trend line of the uptrend channel. It is hard to pre-chart the movement of the Indicator as what extend it will go. But the upper trend line is definitely a tough resistance to break.
The Indicator now stands at +63.94 added another 46.87 points. (Click on Chart to view)
KLCI followed its peers and moved upwards so strong that it eventually broke the 900 psychological block around 4.00pm. Volume also increased by more than two folds at 841 mln shares.
Today’s unexpectedly strong performance of the market came as a shock to even the most prominent Technical Analysts. Just yesterday, both HwangDBS Vickers Research and OSK Research sent out skeptical comments on the outlook of the market.
Again, this morning, OSK Research maintained its bearish view towards the near-term market. The research house in its note today said it was looking at an immediate resistance level of 900 points followed by 910 points and 930 points, while immediate support is expected to be within the 878 to 880 points followed by 835 points as the next level. Of course, they have their grounds for saying that.
After today’s trade, the Key Indicator (Blue) of the Daily MSO Chart makes known its affirmative bullish tone and shoots high straightly towards its overhead barrier – the upper trend line of the uptrend channel. It is hard to pre-chart the movement of the Indicator as what extend it will go. But the upper trend line is definitely a tough resistance to break.
The Indicator now stands at +63.94 added another 46.87 points. (Click on Chart to view)
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