KUALA LUMPUR (June 8): The FBM KLCI fell 10.37 points or 0.6% on profit taking and as Asian share markets dropped on expectation that the US will raise interest rates next week.
At 12.30pm, the KLCI settled at 1,775.44 after the index rose 8.68 points to 1,785.81 yesterday. On Wednesday (June 6), the KLCI climbed 21.99 points.
Today, Hong Leong Investment Bank Bhd wrote in a note: "On the local front, we expect the FBM KLCI to trade on a higher note led by potential 1H window-dressing activities, but profit taking could emerge on the broader market after the relief rebound over the past four trading days."
"Nevertheless, we opine that investors are still digesting reform plans by the Pakatan Harapan-led government to fine tune their investment strategies moving forward in the 2H18 and could trade sideways over the mid-term," Hong Leong said.
Today, Malaysian shares fell with Asian markets on expectation that the US will raise interest rates next week. Reuters reported that Southeast Asian stock markets fell on Friday on heightened caution ahead of a key meeting of global leaders and amid expectations that the Federal Reserve will raise US interest rates next week.
"Singapore shares were down as much as 0.6%, weighed down by bank stocks. Philippine stocks fell as much as 1.1%, after a three-day winning run," Reuters reported.
BARAKAH OFFSHORE PETROLEUM BERHAD (7251.KL) currently has a 14-day Commodity Channel Index (CCI) of 135.61. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal.
Digging deeping into the BARAKAH OFFSHORE PETROLEUM BERHAD (7251.KL) ‘s technical indicators, we note that the Williams Percent Range or 14 day Williams %R currently sits at -33.33. The Williams %R oscillates in a range from 0 to -100. A reading between 0 and -20 would point to an overbought situation. A reading from -80 to -100 would signal an oversold situation. The Williams %R was developed by Larry Williams. This is a momentum indicator that is the inverse of the Fast Stochastic Oscillator.
The RSI, or Relative Strength Index, is a widely used technical momentum indicator that compares price movement over time. The RSI was created by J. Welles Wilder who was striving to measure whether or not a stock was overbought or oversold. The RSI may be useful for spotting abnormal price activity and volatility. The RSI oscillates on a scale from 0 to 100. The normal reading of a stock will fall in the range of 30 to 70. A reading over 70 would indicate that the stock is overbought, and possibly overvalued. A reading under 30 may indicate that the stock is oversold, and possibly undervalued. After a recent check, the 14-day RSI for BARAKAH OFFSHORE PETROLEUM BERHAD is currently at 58.67, the 7-day stands at 66.91, and the 3-day is sitting at 66.45.
Another technical indicator that may be a powerful resource for determining trend strength is the Average Directional Index or ADX. The ADX was introduced by J. Welles Wilder in the late 1970’s and it has stood the test of time. The ADX is typically used in conjunction with the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to help spot trend direction as well as trend strength. At the time of writing, the 14-day ADX for BARAKAH OFFSHORE PETROLEUM BERHAD (7251.KL) is noted at 37.46. Many technical analysts believe that an ADX value over 25 would suggest a strong trend. A reading under 20 would indicate no trend, and a reading from 20-25 would suggest that there is no clear trend signal.
Investors are paying close attention to shares of BARAKAH OFFSHORE PETROLEUM BERHAD (7251.KL). A popular tool among technical stock analysts is the moving average. Moving averages are considered to be lagging indicators that simply take the average price of a stock over a specific period of time. Moving averages can be very useful for identifying peaks and troughs. They may also be used to help the trader figure out proper support and resistance levels for the stock. Currently, the 200-day MA is sitting at 0.33, and the 50-day is 0.19.
Investors may be trying to get a read on the next big stock market move. Projecting which stocks are ready to make a run can be tricky. Many investors will track the market from various angles in order to make the best educated decisions. Keeping tabs on all the important economic indicators can help when analyzing the overall health of the stock market. Some financial strategists may be projecting a sharp downturn over the next few months while others believe that there is no tangible reason for the market to lose the near-term momentum.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Pmaster
5,577 posts
Posted by Pmaster > 2018-06-08 18:28 | Report Abuse
Game is over , price will bk to below 0.10 very soon. Many of you fall into trap.