Bursa Malaysia Bhd (BMYS:KL) Short at 7.90
Malaysian Prime Minister Mahathir Mohamad said on Wednesday (June 6) his new government will study a project announced by the previous administration to form a new trading link between the stock markets of Singapore and Malaysia.
The Monetary Authority of Singapore (MAS) and Securities Commission Malaysia had said in February they would work together to set up a stock market trading link by year end to enable Singapore and Malaysian share investors to trade in Bursa Malaysia (BM) and the Singapore Exchange (SGX).
The link, first announced by then Malaysian Prime Minister Najib Razak, would provide access to a total of 1,600 public-listed firms worth more than US$1.2 trillion (S$1.6 trillion). The initiative was to be expanded later to include other stock markets in the region.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 8.43.
The projected lower bound is: 7.40.
The projected closing price is: 7.91.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 13 white candles and 35 black candles for a net of 22 black candles.
An inverted hammer occurred. If this occurs during a downtrend it implies a reversal. Look for a confirmation of the reversal on the bar.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
A shooting star occurred (a shooting star has a small real body near the bottom of the candle and a long upper shadow). During an uptrend(which appears to be the case with BURSA MALAYSIA) the long upper shadow indicates that the bears are gaining control and a top may occur.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 68.0672. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 57.23. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 13 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 67. This is not a topping or bottoming area. The last signal was a sell 13 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.
Rex Takasugi – TD Profile
BURSA MALAYSIA closed up 0.030 at 7.900. Volume was 26% above average (neutral) and Bollinger Bands were 42% wider than normal.
Open High Low Close Volume___
7.870 8.040 7.870 7.900 1,760,100
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7.79 7.49 7.03
Volatility: 39 43 27
Volume: 1,975,220 1,415,942 1,385,311
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
BURSA MALAYSIA is currently 12.4% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BMYS.KL at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BMYS.KL and have had this outlook for the last 18 periods.
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