Malaysia Market – End of the Day

Asian stocks advanced, lifting a regional benchmark index to a 10-month high, after oil and metal prices gained and U.S. housing starts unexpectedly rose. Among all, Korea, India, Hong Kong and China all surged by more than 2%.

FBM KLCI was flying like a kite and recorded yet another high at 1,140.00. The Index closed slightly lower at 1,139.25 gained 18.35. Total Volume increased by 69 mln shares to 1,008 mln shares.

Market sentiment bolstered by KLCI’s gain continued its upbeat mood in the afternoon with the Intra-Day Oscillator surging higher and higher to end at +754.78 gained 607.18 from the starting. The Average recorded a gain of 404.12.

The Key Indicator (Blue) of the Daily MSO Chart reversed to edge higher by 105.43 settled at +551.50. The Indicator was up by 24% from last Friday’s low.

20MAV bucked up and cut 50MAV which continued to sink. 50MAV will be pulled up by the Intra-Day Oscillator which has been bagging impressive gains most of the time.

Conclusion
Asian market staged yet another robust show, today, with several bourses added more than two percents gains.

Surprisingly, CIMB said Asian market would be led by the Korean market for this coming “Wave C”. “We believe the performance of South Korea’s Kospi could give us an idea where Asian markets are heading in the coming weeks. The index led Asia’s rally since Mar and peaked in May, earlier than the other Asian equity markets. Kospi should be the first to start its minor wave “c”.” it said.

The world seems turned glory within few days. Not only that US market were making gains day after day, crude oil and metal prices all moving higher. When the sun wanted to rise, it rose.

However, the new KLCI has moved up almost non-stop by 73 points since it was first introduced last Monday. It should be time for it to take a rest within this few days. Its next resistance is around 1,150.

Looking at the MSO Charts, it is opined that market sentiment will continue to be upbeat with small-caps and penny stocks take turns to shine. Analysts have advised to watch on Oil and Gas counters which have been pressed down for weeks due to falling crude oil prices. Now that oil prices have reversed, it should be their turns to go up to the stage.

I have drawn a trend line for the Key Indicator. Will it be capped by this uptrend line? (Constructed and Shared by Smartbiz)