KLCI movement commentary
KLCI is moving rangebound within a tight range of 1320 - 1335 level for the past 5 trading days. Most of the Asian markets except Japan are holding firm wihle US and EU markets were experiencing higher pressure of profit taking and retreated about 3-5% last week. Some Asian markets have been supported by strong economy data like Singapore announced a better than expected exports figure at about 54% growth, while Malaysia major infrastructure plans of LRT & MRT projects news flowing out, and Malaysia open door for China funds coming in. Most indicators are supporting the local market and the market is waiting more news to leads the future direction. The market sentiment is remains bullish as most top ten counters are still trading in posive regions though the FBM KLCI index is in consolidating mode.
Technical analysis
Beware of "Head & Shoulders" or "Double Top" patterns forming, a save entry point will only confirmed after index successfully break 1347 level.
Strategy
Cautious (Half yearly windows dressing kicks in), Hold on to the position, reduce stock holding level.
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