At the local front, FBM KLCI opened with loss and sank deeper to its lowest at 1,262.48. However, late buying on heavyweights pulled it up to close at 1,271.75 gained 1.60. Daily FBMKLCI Average is 1,268.66. Total Volume decreased by 173 mln to 925 mln.
Market sentiment continued its weaker notes with the Oscillator sliding all the way down. But, late buying pulled it to close off low at -205.91 lost 244.50 from the starting point. The Average recorded a loss of 221.47.
MS5(Blue) of the Daily MSO Chart decelerated its fall to +113.33 lost 26.87. MS20 fell deeper to -40.68 but MS50 edged up to +11.62.
FBMKLCI, liked bless by a strong spell, reversed from its downfall and recouped its nine-point loss within two hours. The last hour uplift, like magic, turned the Index from a loser into winner. Nowadays, the so-called “Key Index” can be easily manipulated by institutions or government agency due to fewer components.
However, the lift of the Index didn’t actually boost market sentiment but might have alleviated some selling.
In the MSO, MS5 has decelerated its fall but the Oscillator Average is still in the red and remains under MS5. Also, MS20 fell and stayed below MS50. All these signs indicate investors have retreated and not willing to take new positions.
After nearly three months of trading, MS5 has plotted a trend channel with an opened-end wedge pattern. This suggested that market sentiment would be moving in a very volatile pattern with big gains and deep losses. Enthusiasm was seen emerged on good news but faded away shortly. Punter should followed the wave but not go against it.
Portfolio: No transaction.
(Constructed and Shared by Smartbiz)
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