Local sentiment was hard hit as the key index, FKLCI, lost nearly 10 points today. The Intraday Sentiment Oscillator opened in negative tone and slid all the way down to end at -1,167.45; lost 1,111.51 when compares with its opening point. The Average recorded a loss of 634.78.
In MSCD, %K (Yellow) computed as -313.48 (-58.40), %D (Red) -268.33 (-29.33), %A (Pink) -232.44 (-15.18) and the Histogram -2.13 (-10.76).
After today’s market, all line indicators slipped sharply and the Histogram printed its first negative bar.
Market sentiment is deteriorating fast as no hint of recovery was seen from global markets. Sentiment was also dragged down by adverse internal issues.
The sharp fall of %K indicates accelerated downtrend. The support which %K is relying for looks vulnerable now. Once %K fell below the support, the bearish sentiment would be prolonged.
It is not wise to trade or enter during this type of market situation.
(Note: Explanation on Intra-Day MSO and MSCD are archived under "Labels" at the sidebar.)
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