20050930 Technical Outlook JetFM
Technical Outlook ( 30/9/2005 ) by Jupiter Research
While everyone in the country is anxiously waiting for the Budget announcement, traders too were reluctant to actively participate in the stock market; as a result, CI merely fluctuated between 927.57 and 922.72 before closed at 924.23.
CI is in a good position as the stock index still trending in an upward sloping manner. CI may have not closed above 930 in last 2 days; but it could if the overall stock market situation warrants such a move.
As it always is, traders prefer to keep their portfolio risk exposures to a minimum level in an uncertain trading environment. Nevertheless, CI must close above 930 in order to see more buying interests flowing into the stock market.
For Friday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 926.96 & 929.69. 1st and 2nd support levels will be 922.11 & 919.99.
Chart wise: While 930 is a level to watch if the CI were to go higher; however, 915 is also another important level to keep eyes on, as the new direction of CI is likely to be "determined" by how CI performs in these 2 levels.
Technical wise: MACD line and signal line have entered into the positive territory. Directional Movement Index showed that +DMI was still above the -DMI. On Stochastics indicator, both %K line & %D line has slipped into overbought zone with %K line cut down the %D line to emit a sell signal.
Our stock recommendation for today is:
Harn Len Corp (Trading Buy) at 52.5 sen with stop loss at 45 sen
Rohas Euco Ind (Trading Buy-Medium Risk) at RM1.00 with stop loss at 93 sen
Johore Tenggara Oil Palm (Trading Buy) at RM1.21 with stop loss at RM1.13
While everyone in the country is anxiously waiting for the Budget announcement, traders too were reluctant to actively participate in the stock market; as a result, CI merely fluctuated between 927.57 and 922.72 before closed at 924.23.
CI is in a good position as the stock index still trending in an upward sloping manner. CI may have not closed above 930 in last 2 days; but it could if the overall stock market situation warrants such a move.
As it always is, traders prefer to keep their portfolio risk exposures to a minimum level in an uncertain trading environment. Nevertheless, CI must close above 930 in order to see more buying interests flowing into the stock market.
For Friday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 926.96 & 929.69. 1st and 2nd support levels will be 922.11 & 919.99.
Chart wise: While 930 is a level to watch if the CI were to go higher; however, 915 is also another important level to keep eyes on, as the new direction of CI is likely to be "determined" by how CI performs in these 2 levels.
Technical wise: MACD line and signal line have entered into the positive territory. Directional Movement Index showed that +DMI was still above the -DMI. On Stochastics indicator, both %K line & %D line has slipped into overbought zone with %K line cut down the %D line to emit a sell signal.
Our stock recommendation for today is:
Harn Len Corp (Trading Buy) at 52.5 sen with stop loss at 45 sen
Rohas Euco Ind (Trading Buy-Medium Risk) at RM1.00 with stop loss at 93 sen
Johore Tenggara Oil Palm (Trading Buy) at RM1.21 with stop loss at RM1.13
posted by emacro @ 6:37 PM
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