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Wednesday, September 30, 2009

The Trader (30.09.2009)

Last Wednesday, we made a call for a small profit taking wave to materialize in the FBM-KLCI. Three days of profit ensued to be followed by a small technical rebound yesterday. Besides our small profit taking call, our bigger picture positive view of the market remains the same. However, we are vigilant of any spanner in the bullish works.

We are particularly vigilant of a potential head-and-shoulders formation should the FBM-KLCI break below the crucial 1,180-1,200 support channel. However, at this point of time, nothing has changed. Thus, we maintain our status quo short term, mid term and long term positive view of the market.

L&G (RM0.415)
Land and General is now on a bullish uptrend. Since its high volume spike- up on the 18th of September, it has managed to maintain a nice uptrend posture. In addition, there still appears to be regular pockets of upward buying pressure. The next major level of resistance is nearby at the RM0.43 level. However we see no problems for L&G in surpassing this level. We are calling for a technical trading buy on L&G.

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