Despite positive outside factors, both regional and DJ futures…our mkts suffered technical breakdown, both cash/FKLI renewed year-low.Cash saw selling in the FBM30 counters taking cue from PB. While did not really expect the mkt to rally, today’s cash-negative-territory-losses and FKLI- below-856 were kind of unexpected. News that appeared in mid-afternoon trading blamed political woes ahead of UMNO election.
FKLI suffered worse as recent premium bet was hammered out, causing a fresh bearish outlook, below 856, and back to original dwisde target around 830++. Just I thought today would break the bearish streak for the rest of the week first.
Cut-selling triggered amid a failed attempt to park above pink-line followed by panic selling below 856. Technical rebound is put to the back seat and selling pressure is likely to pile up if mkt opens weak tomorrow, below 850 is a new bear mkt. Same strategy, sell-on-weakness.
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