Sunday, 11 October 2015
12 Oct - 16 Oct 2015 Malaysia's market outlook - How long the rally can last?
Weekly Trend: Uptrend
The weekly trend was bullish as the FBMKLCI up more than 200 points in less than 3 months time due to previous oversold sentiment, the recent strong Ringgit versus the US dollar and the possible delay of US rate hike. However, there is a “Shooting Star” candlestick pattern spotted in the index after 5 straight day’s gain which suggests possible short-term trend weakness or price consolidation.
Support: In between 1647-1652
Support level pledged at 1647-1652 (rising window gap) while resistance level at 1740.
Sector in focus: Undervalued GLC linked counters, and water and piping related counters.
👉ENGTEX TP: 1.22, 1.30 SL:1.10
👉TOPGLOVE TP:8.60, 8.90 SL:7.70
👉OLDTOWN TP:1.42, 1.58 SL:1.24
👉FGV TP:1.80 SL:1.4
👉BONIA TP:0.81 SL:0.675
👉UEMS TP:1.45 SL:1.13
👉SUNCON TP:1.31 SL:1.16
👉PMETAL TP:2.40 SL:2.03
👉HOHUP TP:1.10 SL: 0.95
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