Klci ( financial stock) and SH outperformed the rest today. However, Fkli maintained a safe discount throughout the day as players rather stick to the “majority” sentiment but downside was limited too, as players do not wish to totally disrespect “Malaysia boleh” spirit. Translation: boring.
Major mkts reacted negatively or a cue to take profit to falling commodity price as a result of a stronger $. DJ futs is bearish too but if we use last week’s cooked up story of inflation fear ..then we should see a positive DJ tonight. Commodities down >inflation down > DJ up. hmmmm
FKLI looks pretty toppish. Strong follow through tomorrow could shift the mkt into a pullback mode towards 1060++ in the near term. A reversal from significant lvl like 1100 usually generate strong downside force. Well, this is just precaution as Fkli still above the uptrend line.
Buy on strength –above 1090, otherwise stayout and let it consolidates first.
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