Expect whipsaw choppy action next week in the KLSE. Political bikkering and uncertainty, Penang bridge delay, and other bad news will keep the retailers out.
It is surprising the Star is reporting so much bad news. Perhaps they are running cover for the smart money who wish to accumulate.
This is an opportunity to pick up quality Blue chip, dividend shares before the uncertainty is removed. These are the shares that foreign funds will buy.
Remember that smart money buys weakness, bad news and fear. Smart money will never willingly put up the price against their own buying. This is bad for business.
KLSE weekly chart ....
Massive support at 1200 as evidenced by the blue trend cluster indicator. Next target 1350. Locked in buyers will take profit at 1350 where they bought and have suffered losses for the last 10 weekss. It will take strong effort to push through this level. It may take a few attempts to absorb the selling
Tuesday, April 29, 2008
29-04-2008 - KLSE market outlook
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