Asian stock markets were down Tuesday, with Tokyo hurt by weak earnings reports from the likes of Nintendo and worries about the impact of last month's natural disasters on corporate Japan.
Local sentiment followed key index progressed from bad to worst. The intra-day Oscillator slid into the red and ended off low at -397.61; lost 106.55 when compares with its starting point. The Average recorded a loss of 499.16.
At the end of the day, %K (yellow) of MSCD recorded as -60.06 (-79.81), %D (red) -37.29 (-39.96) and the Histogram +8.53 (-7.83). Both indicators slid further and the Histogram printed a shorter bar.The MSCD shows that market sentiment is receding gradually and prepares to face its downside support level. There is a possibility that market sentiment will reverse around this level.
FBMKLCI FBMKLCI printed a bullish Doji today signaling that it has found its temporary support around 1,520, one point above its 50-day MA. The index might move higher from here to test the 1,540 resistance again, barring any unforeseeable circumstances.
My Pick: Kencana (Entry: >2.70, Stop Loss: <2.68, Resistance: 2.76, 2.82, 2.88.)
Constructed and Written by Smartbiz (FBMKLCI Chart extracted from ChartNexus)
(Note: You can read the explanation for Intra-Day MSO and MSCD from the achieves under heading "Labels" at the lower portion of the sidebar.)
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