Today (Feb 24), FBM KLCI down more than 20 points as it continue it's free-fall after breaking down the crucial psychological 1,500 level. Thanks Libya, thanks Qadaffi for causing uncertainties and panic selling of global markets. In between, Finance Malaysia found a very interesting statistic.
Yes. KLCI beat regional markets for "falling the most" today. Below is the performance of regional markets:
- KLCI fell 1.41% (Champion of the day)
- Hong Kong fell 1.34%
- Japan fell 1.19%
- Singapore fell 0.96%
- South Korea fell 0.60%
KLCI to continue it's downtrend tomorrow?
How about KNM?
Scare so... Based on the chart shown, technically KLCI is heading for its 3rd wave of downtrend since hitting historical high last month. In fact, Normally, 3rd wave is steeper or faster. Furthermore, it still not yet reach the over-sold position by looking at stochastic. Very soon, KLCI may touch near 1,450 level. Hopefully, it will stop there. Or else, bye bye bye.
Bargain hunting for KNM?
Zooming in further, KNM slumps 14% after reporting a not so promising 4th quarter earnings. Technically, this is not the right time yet to accumulate KNM. It breaks the RM2.68 support today, and the next support only seen at RM2.20. Couple with the extremely high volume recorded today, it would most probably going south tomorrow. Also, over-sold sign just not yet shown on stochastic Just wait.
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