Ladies and gentlemen, the moment you been waiting for, the KLCI correction. Well, I guess that what many of like to see, so we can start buying. When the market been trending up so long, it cause uneasiness because common sense tell us we the longer it goes the sooner the correction will come down.
Seem the CI failed to break the resistance (more like a of target) of 1,110 pt this time . First Dow Jones has been bearish in the last few days, also Asia region and Europe. Until today, KLCI didn't really follow others stock exchange go down, but today, it has followed. It went down 17 pt, we don't see that kind of down day in the past two months.
Even fund manager should allow share's price to correct first before more round of buying. Even if you have a very large investable money, what's the point of keep on buying higher and higher. In my case, I embrace any correction, part of it because I kind of missed the large part of 2 month bullish run. Why? I will say too much of reading and digesting financial and fundamental news is 'bad' for me. Those gloom and doom. On the other hand, I forgot that chart doesn't lie. (chartist says that, not need to argue ).
We can say the correction just begun but I don't think it will persist for long. Could be just a few days. Mainly the index is still in a bullish mode. It can be tricky; part of it because of massive buying by our fund managers. (previous post here: klse bearish). Other part, maybe because of Najib Stock Exchange Index . (great attempt, check it out)
Look for:
Short term immediate support target 1,060 pt (if rebound about this level, wave 3 still haven't finished, and it's not really a main wave correction yet )
Immediate main support target = 1,030 pt (if approaching about this level, current wave 3 has finished, bearish wave 4 is in the making, and we can look forward for bullish wave 5)
Short term immediate support target 1,060 pt (if rebound about this level, wave 3 still haven't finished, and it's not really a main wave correction yet )
Immediate main support target = 1,030 pt (if approaching about this level, current wave 3 has finished, bearish wave 4 is in the making, and we can look forward for bullish wave 5)
BTW, the theme is still Construction + GLC.
