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Latest Update on the KLSE© Lee Cheng Hooi
The latest readings of the KLCI still remain positive despite a bearish signal that occurred last Wednesday. The dreaded Bearish Engulfing Pattern reared its ugly head, panicking many investors and speculators on that day.My readings still remain positive. The market is still a very strong bull trend, denoted by a strong reading for the weekly Joseph Trend Index for the KLCI (Chart 1). The trend is intact as the Dynamic Trio Own & Next (DTO & DTN) step lines still hold the market up, despite last Wednesday's panic selling. The long position trailing profit stops of the DTO and DTN are as follows:- 811.42 and 775.46 respectively (Chart 2).
Having sailed past the key Universal Clock level of 836, the market would attempt to test the 956 and 1,076 areas. Another strong target area is 1,010 points, the point where the Inverted Head & Shoulders target is. A target that investors should watch out for is the 912.71 area, which is the 2.618 ratio for the KLCI.
July may be a potential hot-spot for the market, according to the 16th century astrologer, called Nostrodamus. I will be presenting material on this and much more at a seminar on 24 July 1999 at Holiday Villa, Subang Jaya at 7.30pm. There will be a second speaker to talk about the fundamental portion for the KLSE. He is Laurence Lau, director of the Market Pulse newsletter. Together, we will give you the best technical and fundamental picks for the coming month.
Don't miss this seminar because we will pick out some fantastic stocks for you! A pick from my 5th June seminar was M Plant (RM1.54 on 4/6/99 but highest at RM 3.32 on 2/7/99!). Staggering prediction by myself using the GET software, eh? (Chart 3 & Chart 4).
July 4, 1999
Chart 2
Chart 4
Lee Cheng Hooi, renowned technical analyst of The Right Timing in The Edge and technical charting analyst for the Market Pulse newsletter, will be presenting a stock market evening talk on IS THE MARKET HEADED FOR 650 OR 950 FOR THE REST OF THE YEAR? on July 24 at Holiday Villa Subang Jaya. In-house seminar details, contact RAYMA Management Consultants Wendy Song at tel: (03) 7044-666, fax: (03) 7044-484 or e-mail: raymaseminar@po.jaring.my
