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Friday, December 19, 2008

KLCI broke through short term line

KLCI broke through short term line By Zhuge Liang

But Dow is not making much headway above short term line


The KLCI produced a rather strong positive signal yesterday when it clearly broke above th30 day short term MAV line. What’s more, our concerns of thin volume were eased whevolume increased significantly from the previous day. Apparently, it seems that it is a case of volume attracting volume, or can be described in other words as the ” You Buy, I follow” retail mentality.

Dow drifting : Neutral and cautious
We would think that after the Dow broke through its short term line, it would experience a strong thrust upwards. However, the Dow’s performance of a loss of 219 points last night was disappointing. It shows that the Dow could not even break above the December high of 9,026. It also shows that the Dow is having trouble venturing upwards away from its short term line.

Strategy : Wait one more day

Though our optimism for the KLCI has increased following the breakout of the short term line, we would prefer to wait one more day to see how the Dow behaves before jumping on the bullish bandwagon. If the Dow breaks below its short term line tonight, all of its short term bullish signals will be in vain.

HAPPY INVESTING
BACK TO CHAT BOX

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