Bursa Malaysia Stock Watch
Market Outlook as at July 26, 2010
kltrader
Publish date: Mon, 26 Jul 2010, 12:02 PM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
The market continued to recruit strength. This morning it broke above the strong horizontal resistance of 1350. FBM-KLCI gained 5.55 points to trade at 1351.23 as at 10.45am. If this upside breakout can sustain, FBM-KLCI could rally higher in the days ahead. Its next resistance will be at 1400.
Chart 1: FBM-KLCI's daily chart as at July 23, 2010 (Source: Tradesignum)
Globally, many stock markets have also shown similar rebound. The Shanghai's SSEC index has flashed a short-term uptrend (see Chart 2) and the DJIA is poised to do the same this week (see Chart 3).
Chart 2: SSEC's daily chart as at July 23, 2010 (Source: Stockcharts)
Chart 3: DJIA's daily chart as at July 23, 2010 (Source: Stockcharts)
With the upside breakout in FBM-KLCI, the earlier cautious market outlook has now turned bullish (provided FBM-KLCI stays above the breakout level of 1350). This price/index breakout should be given precedent over the bearish divergence in some indicators as well as in the volume.
Chart 1: FBM-KLCI's daily chart as at July 23, 2010 (Source: Tradesignum)
Globally, many stock markets have also shown similar rebound. The Shanghai's SSEC index has flashed a short-term uptrend (see Chart 2) and the DJIA is poised to do the same this week (see Chart 3).
Chart 2: SSEC's daily chart as at July 23, 2010 (Source: Stockcharts)
Chart 3: DJIA's daily chart as at July 23, 2010 (Source: Stockcharts)
With the upside breakout in FBM-KLCI, the earlier cautious market outlook has now turned bullish (provided FBM-KLCI stays above the breakout level of 1350). This price/index breakout should be given precedent over the bearish divergence in some indicators as well as in the volume.
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