Wednesday, 27 April 2016

Singapore Stocks Trading:Top pick for the day – Malaysia’s FBMKLCI

The recent breakdown on the Bursa Malaysia Kuala Lumpur Composite Index to below its 50-day SMA is negative. http://www.equityprofit.com/services/daily-stock-signals-sgx.php
We have constantly kept up that the rally from the August 2015 low (1,503) was just simply a bounce back and not the begin of another uptrend. The 3-wave restorative move finished with a completion corner to corner (bearish wedge design) at 1,729 as appeared in our wave checks in our every day intersection area and in addition our last call (see eighteenth March issue).

The 3-wave restorative move likewise finished possibly over its 62%FR of the earlier fall, which is normal in second waves retracements.

The break of the key backing at 1,698 furthermore its 50-day SMA yesterday likely flag the begin of another downtrend both short and medium term (perhaps long haul too), where we could conceivably see the retest of the August low.

While it is too soon to affirm the LT bearish perspective, we are regardless bearish in the quick term, focusing on a move back towards the 1,631-1,651 levels for the FBMKLCI, notwithstanding a bounce back over the 1,722 levels.

On the off chance that the 1,729 highs are taken out, then the remedial rally from 1,503 could proceed for an additional 3 months or something like that yet our LT bearish perspective would stay in place.


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