Sunday, January 19, 2014

Trading of Bursa Malaysia Today No Good

Blue chips on Bursa Malaysia suffered a profit-taking correction on a shortened three-day trading week due to two festival holidays last week, which cut short the rotational trading interest on the lower liners and small cap sector.
On the upside, immediate resistance is revised lower to last October high of 1,822, followed by 1,840 and then 1,860, the 123.6 per cent Fibonacci Projection (FP) of the rally from 1,660 low of August last year to the October high of 1,822.
Stock-wise, favour bargaining blue chips like CIMB, Gamuda, IOI Corp and Maybank on weakness for longer term gains, while zooming in on lower liners and small caps like Alam Maritim, AZRB, Hiap Teck Ventures and Eversendai given their promising chart patterns.

Index trade at 1807 down nearly 6 point as on 3.17pm.

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