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Market Outlook as at February 6, 2018

DJIA plunged to the 100-day SMA line yesterday before it recovered slightly to close at 24346. Nevertheless, DJIA lost a whopping 1175 points- it's greatest point loss in history. I believe the stage is set for a technical rebound today.


Chart 1: DJIA's daily chart as at Feb 5 2018 (Source: Stockcharts.com)

The sharp drop in DJIA caused sharp drop in stock market everywhere. Malaysia is no exception. FBMKLCI dropped below 1800 in the morning session (made an intraday loss of 1795). We can see from the weekly & monthly charts below that this level of 1795-1800 is a good support level. If DJIA were to stage a technical rebound today, we may see stocks jumping up tomorrow.


Chart 2: FBMKLCI's weekly chart as at Feb 5 2018 (Source: Snareinvestor.com)


Chart 3: FBMKLCI's monthly chart as at Feb 5 2018 (Source: Snareinvestor.com)

I believe that stocks at the current prices are worth buying- not selling. However, please exercise careful discretion if you choose to venture into the market now. Good luck!!

http://nexttrade.blogspot.my/2018/02/market-outlook-as-at-february-6-2018.html
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