20051004 Technical Outlook JetFM
Technical Outlook ( 4/10/2005 ) by Jupiter Research
There was no follow through buying in the stock market on 3/10/2005 despite CI closed near the high on 30/9/2005 after the 2006 Budget. CI rose to an intraday low of 922.80 before settled at 925.33.
CI was under pressured to go lower as traders decided to liquidate part of their stock portfolio in hand to realize some profits amid thin buying support from the market.
Having settled at 925.33-level, CI looks like it was not willing to call off the attempt to break above 930 soon.
For Tuesday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 928.03 & 930.72. 1st and 2nd support levels will be 922.72 & 920.10.
Chart wise: 930 remains a crucial level. In fact, for the past 5 trading days, CI was in a good position to go above 930-hurdle; but the market interest was rather thin. Profit taking activities would emerge as CI approaches 930-area.
Technical wise: MACD line may have cut into the positive territory; but the rate of increasing was not seen. That showed the potential for CI to advance could be limited.
On the Directional Movement Index, +DMI was heading down closer to -DMI. ADX was at 26 a reading indicating the market is in sideway position.
As for the Stochastics indicator, %K line was below the %D line in an overbought zone; that showed CI was undergoing a correction.
Our stock recommendation for today is:
Kossan Rubber (Trading Buy) at RM1.73 with stop loss at RM1.64
There was no follow through buying in the stock market on 3/10/2005 despite CI closed near the high on 30/9/2005 after the 2006 Budget. CI rose to an intraday low of 922.80 before settled at 925.33.
CI was under pressured to go lower as traders decided to liquidate part of their stock portfolio in hand to realize some profits amid thin buying support from the market.
Having settled at 925.33-level, CI looks like it was not willing to call off the attempt to break above 930 soon.
For Tuesday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 928.03 & 930.72. 1st and 2nd support levels will be 922.72 & 920.10.
Chart wise: 930 remains a crucial level. In fact, for the past 5 trading days, CI was in a good position to go above 930-hurdle; but the market interest was rather thin. Profit taking activities would emerge as CI approaches 930-area.
Technical wise: MACD line may have cut into the positive territory; but the rate of increasing was not seen. That showed the potential for CI to advance could be limited.
On the Directional Movement Index, +DMI was heading down closer to -DMI. ADX was at 26 a reading indicating the market is in sideway position.
As for the Stochastics indicator, %K line was below the %D line in an overbought zone; that showed CI was undergoing a correction.
Our stock recommendation for today is:
Kossan Rubber (Trading Buy) at RM1.73 with stop loss at RM1.64
posted by emacro @ 7:49 PM
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