Although Tokyo has said it will sell more yen again if needed, the dollar is being pressured as most dealers now think the United States will inject more cash into its economy in a bid to kickstart its recovery.
The Federal Reserve has said it was prepared to support the US economy as it struggles to emerge from its worst recession in decades. (Yahoo)
At the local front, FBMKLCI was seen zigzagging within a 4-point range after failing to sustain its gain in the early hour. The index finished off high at 1,463.50 (+1.72/0.12%). FBMKLCI Average (Pivot Point) was 1,463.64 (+1.24). Total volume was 1,051m (+146m).
Market sentiment was bad with the oscillator slid into the red after first hour trade and not seeing any sign of reversal thereafter. However, last hour buying enabled it to recoup part of the losses and finished at -178.01 lost 220.63, when compared with its starting point. The Average recorded a loss of 254.58.
In MSCD, 12EMA (yellow) of MSCD fell deeper to -59.06 (-35.54), 26EMA (red) to -41.36 (-17.06) and the Histogram to -17.07 (-18.47).
After today’s trade, 12EMA fell below 26EMA again and the Histogram casts a negative bar.
Investor were unsure of market future but just swaying with issues that come along from different sources.
Today, the external factor was weak regional markets due to the weakening dollar and strong yen. Internally, investors were also puzzled by the “taking profit” and “buying on dip” advices given by different analysts.
This is a tough market, only nimble traders can make money in this type of market.
Constructed and Written by Smartbiz (Click on chart to view)
(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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