Uncertainty normally means that the market is consolidating for a new Direction and the charts and economic will be vital for the Market Direction Next Week. So far the Market has rallied for almost two weeks.
The KLCI August Futures Contract suddenly slump down 10 points at the last 1 hour of the trade, hence we should be more cautious when market is near a new high. As there is always profit taking of almost 12 to 25 points drop down. Alot of ppl will mistaken it for Reverse Signal then rebound again. 5 Minute charts shows the trend is moving down to the bottom, but MACD and Stokastic shows a rebound soon.
KLCI close at 1174.90, so if KLCI goes up slightly due to the uptrend due US Dow Jones and the positive economic datas from China & US. It will be a great week ahead. Regional Market now mostly depends on China & Hong Kong Stock Market in the Morning and afternoon, after 3p.m. its European Market and US Dow Jones Futures.
The KLCI is currently at 1174.90, and it still showing strong uptrend in the long term, but do expect some profit taking in this week. The Malaysian Government announced RM10 Billion Amanah Saham 1Malaysia Fund to be release for public investments starting 5th August. This will definitely push the KLCI Index up another 50 to 60 points if the funds are put into the KLCI 30 Counters.
As for Stocks. Sime, Genting Malaysia and Genting Singapore is always at the Top Volume and Gainers among the 30 counters, they are also the major counters that push the Index up for the past 2 weeks.
Do be cautious of sudden profit takings, and trade with stop loss. Monitor Buyer & Seller Signals and trade with a focus mind. :)
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