Are you bullish now?
KLCI up 10 points ... let us check some of the overbought big-cap counters in the index-linked.
MayBank : Resistance at RM9.55, currently at RM9.50 now. RSI at 70 level.
PBBank : Breakout of RM18.60 level last week and now we are heading to RM19.60 level of resistance. RSI showing overbought.
CIMB : Reistance at RM6.40, trading at RM6.25 now. Stochastic of the weekly chart showing overbought , with RSI at 70 level(daily chart) indicating overbought too.
So the three large banking counters moving very aggressively up due to some funds snapping up our cheap-valuation banks (err ... ).
TM : A good rebound and testing new high ... will we be seeing breakout this week? Trading at RM7.65 at the moment ... new high in making(again). RSI (daily) at 76 last Friday ... so, reaching 80 today?
IHH : Hitting RM6 this morning and we shall check if it will break into a new high, above RM6.10 level.
PetDag : Another large cap counter which is overbought. Resistance at RM21.30, at RM20.44 now.
One may check on other counters ... as these are overbought counters ... and those lagging ones might be used to support KLCI further.
Time to short FKLI?
Note : I had a good e-meeting last night showing weaknesses in KLCI chart.
Public-talk : Preparation for coming correction ... This Saturday 2pm.
https://www.facebook.com/events/1645244999042151/
TEH
http://cpteh.blogspot.com
