Stocks to Watch
Market Outlook by WinTradGlobal
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Publish date: Mon, 10 Aug 2015, 06:09 AM
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A place for trader and investor to share the latest news and information on stock.
Market Outlook 10/08/15 by WintradGlobal
FBMKLCI closed at 1682.65 (-11.99) which is above 1673 that we mentioned on Friday. 1687 was broken in early morning due to the massive sell down after 1700 broken on Friday. Next support of KLCI would be 1660.
USD MYR continue to be 'bullish' indicates that our market will have limited upside in the near future. BNM has published report that our foreign currency reserve is currently less than 100 billion USD which is bad news to our currency and stock market. However, we expect a technical rebound for MYR on next week before hitting RM4 in future.
Market seemed oversold after the plunge on Friday. Technical rebound is expected on next few days and some stock that we mentioned in FB post on Friday for technical rebound which it rebounded from intraday low like OCNCASH ESCERAM OPENSYS and IKHMAS. Congratulation if you able to catch the technical rebound.
Stocks that we can focus for technical rebound would be OPENSYS ESCERAM IKHMAS. Export counter would be benefited from strengthen USD but we can see sell some sell down on last two days, however they able to rebound from day low. For example, HEVEA HOMERIZ EVERGRN. MIECO and LCTH may have technical rebound as well on coming trading days. Do control your position sizing as this is not the market that you can go aggressive. One may consider to include put warrant in your portfolio.
China released weak economy data over the weekend, China exports tumbled 8.3 percent in July reversing a gain of 2.8% in June, Producer Price Index (YoY) registered at -5.4%, below expectations (-5%) in July. Crude oil settled down 79 cents at $43.87 a barrel, near a six-year closing low of $43.46 reached in March. Do watch out DJIA as it failed to stay above 200MA after it tested it end of July. DJIA shown some weakness and do be careful if it break below 17000 which is a bearish sign for DJIA.
Happy Trading!
WinTradGlobal
https://www.facebook.com/groups/1586373791618659/
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