Trading sentiment of Bursa Malaysia remains mixed. The benchmark FBMKLCI has dipped (1.89 points) below the 1,520-support and closed at 1,518.85. Broad market wise, number of gainers and losers were about equal with a ratio of 447:499 while 418 counters stayed flat. From Pick@Stock’s Market Summary page, it is noticed that Financial Services, Transportation & Logistics, REIT and Property sectors were in green.
As for the individual stock, Tafi Industries (TAFI, 7211) has finally staged a correction after recording an all-time high at RM4.03 this morning. It swung to the low of RM3.31 before registering a close of RM3.76 (down 4 sen). Chart wise, the furniture manufacturer could be in the midst of correcting its “Extreme Overbought” condition. Nonetheless, more concrete reversal signs are needed to reinforce the afore-mention anticipation.
CEKD Berhad (CEKD, 0238) is one of the counters that appeared in Pick@Stock’s “Today Keywords”. While it only advanced 1 sen to RM0.945, it did record an intraday high of RM1.02. In fact, based on TrainYew’s Trading System, CEKD has shown a “Positive Signal”. Immediate resistance is seen at RM1.09/11.
In the absent of price catalysts, the FBMKLCI index continues drifting lower. After the 1,520-support gave way, the index could slide further towards the 1,500-psychological support. At the same time, the Pick@Stock’s COWI Sentiment Index remains weak. Both FBMKLCI and COWI Index have entered into their respective “Oversold” territory.
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