Wednesday, 21 September 2016

ATTN: ALL Bursa Traders,

The FBMKLCI closed higher, recovering after lunch at 1655.78 (+4.07 or +0.25%). However do not be fooled by the index as the climb are mostly due to Petronas linked counters which I think will not be sustainable.

Meanwhile, our neighbouring market outlook for the day are:

·        Australia S&P/ASX200 closed higher at 5,244.38 (+8.75 or +0.17%)

·        China A50 closed lower at 9,595.83 (-25.9 or -0.27%)

·        Hong Kong HSI closed lower at 23,530.86 (-19.59 or -0.08%)

·        Indonesia’s IDX Composite closed lower at 5,302.49 (-19.35 or -0.36%)

·        Japan’s Nikkei Closed higher at 16,492.15 (-27.14 or -0.16%)

·        South Korea KOSPI closed higher at 2,025.71 (+9.93 or +0.49%)

·        Taiwan Weighted closed higher at 9,161.58 (+8.70 or + 0.17%)

·        The USD STRENGHTEN against our MYR at 4.1432 (+0.0118 or +0.29%)

·        Crude Oil prices closed at 43.37 (-0.49 or -1.12%)

DJIA closed slightly at 18,120.17 (-3.63 or -0.02%). The DJIA seems to be supported above level 18,004 after the big drop from previous level during 8 September 2016.

Also bear in mind the FOMC rate decision is around the corner and the outcome of the meeting will greatly affect the market sentiments ! most traders are on the sideline due to this reason ! !

Stocks to watch are:

AirAsia: Bigfall today, I am convinced that they will fall until RM 2.66 before rebound back to RM2.77.

Salute: is on a uptrend and today’s closing price despite seller heavier than buyer, but it did not break the most recent support of RM 1.32. Well rested on the support, might consolidate for a few days before continuing climbing mount Everest ! ! !

VS: Close high today. Watch for breakout of RM1.4 and will fill previous gap to RM1.42. Cut if close RM 1.37 or lower.

I am bullish on iqgroup, first day washing start already. Wait until all the weak shareholders are being kickoff the boat then we shall set sail !

IQGROUP: Possible to reach RM 2.5. Monitor these few days to wait for possible pullbacks only enter.
best entry point at :Support 1: RM 2.25, Support 2: RM2.15

PWF: A Healthy Correction ! Drop to Support at 0.735-0.730 level then Can start collecting at this level.

Get your information right to avoid being fooled by the market !

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