Asian stocks declined Wednesday as worries that Beijing may act soon to check inflation and a steep fall in several commodities made investors less willing to take on risk. Steve Cheng, associate director at brokerage Shenyin Wanguo, said that in addition to fears that Beijing may lift interest rates again, concern about the approaching end to the U.S. Federal Reserve's $600 billion asset-purchase program in June was also weighing on commodities.
Local sentiment continued deteriorating with the intra-day Oscillator soaked deep in the red and never returned. The oscillator finished at -1,313.05; lost 719.06 when compares with its starting point. The Average recorded a loss of 1,249.69.
At the end of the day, %K (yellow) of MSCD recorded as -290.69 (-174.30), %D (red) -156.17 (-87.52) and the Histogram -35.41 (-24.78). Both indicators fell off from its sideways channel and the Histogram printed a longer negative bar.
MSCD shows that market sentiment is deteriorating and far from recovering. For today’s market, almost 90% of active counters were painted red. Low-liners will see lack of buying interest and continue tracking downhill.
FBMKLCI
FBMKLCI rebounded when touching the 1,520 support. There is a possibility of having a brighter tomorrow after three days of losing streaks. However, the rebound will not be significant as 1,540 is still a formidable resistance to break.
Ace counters will continue to suffer from selling pressure. Charts show that FBMACE has formed a lower-low and violated its uptrend pattern.
Local sentiment continued deteriorating with the intra-day Oscillator soaked deep in the red and never returned. The oscillator finished at -1,313.05; lost 719.06 when compares with its starting point. The Average recorded a loss of 1,249.69.
At the end of the day, %K (yellow) of MSCD recorded as -290.69 (-174.30), %D (red) -156.17 (-87.52) and the Histogram -35.41 (-24.78). Both indicators fell off from its sideways channel and the Histogram printed a longer negative bar.
MSCD shows that market sentiment is deteriorating and far from recovering. For today’s market, almost 90% of active counters were painted red. Low-liners will see lack of buying interest and continue tracking downhill.FBMKLCI
FBMKLCI rebounded when touching the 1,520 support. There is a possibility of having a brighter tomorrow after three days of losing streaks. However, the rebound will not be significant as 1,540 is still a formidable resistance to break. Ace counters will continue to suffer from selling pressure. Charts show that FBMACE has formed a lower-low and violated its uptrend pattern.
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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