YES! I know i have not been posting much but had been really busy with stuff. Oh well, since I won't be trading tomorrow (due to shift of brokerage company) and hence, need to take a day's break. Hopefully the next brokerage company I'm joining will give better "luck" than the current one. haha.. :)
Anyway, those who have short positions from yesterday or today, will sizable treats for tomorrow. Good for those who went short. My personal view, the drop should extend further tomorrow. Best book profits by tomorrow as this may just be a temporary correction.
For those who spotted it since yesterday, bravo and kudos to you as definitely, you would have booked easily 30-40 points profit or more easily. Here's why my personal view has the drop extending further tomorrow:
Yesterday's candle was the big sign for reversal/correction. Notice yesterday's candle gapped up, broke 2400 resistance and went right to 2420 resistance but at the end of the day, formed a "Gravestone Doji" marking that sellers came back with a big force. Supporting that was also the volume was at its highest point for yesterday within the bell curve of the MACD-H.
Today, the market closed with an inverted hammer head candle which indicates selling pressure has continued and firming for more selling. Although the volume was not as much as yesterday and because of this, it showed a lower tick on the MACD-H which indicates lower interest in buyers to continue pushing.
On the fundamental side, Ringgit has strengthen abit from yesterday's drop and also soy bean oil took a massive dive of 2% yesterday and at of current point of time, it is still dropping by 0.25%. However, as mentioned earlier, this may be just temporary as the Ramadan month coming on July will incite demands for Palm Oil from Pakistan and other Islam countries.
Hence, my own personal view, selling pressure should extend tomorrow. Target drop should be 2350. Closing for the day below 2350 for tomorrow, will result to 2330 being the next target.
Anyway, those who have short positions from yesterday or today, will sizable treats for tomorrow. Good for those who went short. My personal view, the drop should extend further tomorrow. Best book profits by tomorrow as this may just be a temporary correction.
For those who spotted it since yesterday, bravo and kudos to you as definitely, you would have booked easily 30-40 points profit or more easily. Here's why my personal view has the drop extending further tomorrow:
Yesterday's candle was the big sign for reversal/correction. Notice yesterday's candle gapped up, broke 2400 resistance and went right to 2420 resistance but at the end of the day, formed a "Gravestone Doji" marking that sellers came back with a big force. Supporting that was also the volume was at its highest point for yesterday within the bell curve of the MACD-H.
Today, the market closed with an inverted hammer head candle which indicates selling pressure has continued and firming for more selling. Although the volume was not as much as yesterday and because of this, it showed a lower tick on the MACD-H which indicates lower interest in buyers to continue pushing.
On the fundamental side, Ringgit has strengthen abit from yesterday's drop and also soy bean oil took a massive dive of 2% yesterday and at of current point of time, it is still dropping by 0.25%. However, as mentioned earlier, this may be just temporary as the Ramadan month coming on July will incite demands for Palm Oil from Pakistan and other Islam countries.
Hence, my own personal view, selling pressure should extend tomorrow. Target drop should be 2350. Closing for the day below 2350 for tomorrow, will result to 2330 being the next target.
