Strong run after a long weekend, encouraged by DJ futs +50 and stronger ringgit or catching up with regional Fri’s gains. Nevert mind that regional off steam today, led by SH -2%, after Fri’s strong gains.
While a bounce is expected, the momentum and speed probably caught many by surprise. The mkt recovers around 50% from the recent plunge. However, it needs to regain 1300 before calling off its dwtrend outlook.
Above 1270 is +ve bias and points to a consolidation phase, 1270-1300, first rather than a “V” shape recovery.
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