Malaysian Ringgit (MYR) Counterfeit Charge

Malaysian Ringgit (MYR) Counterfeit Charge

A senior citizen and a government retiree both pleaded not guilty at the Sessions Court here today to a charge of possession of 1,679 pieces of counterfeit RM100 notes amounting to RM167,900.
Chan Hui Boo, 70, and Mohd Nasir Aman, 59, allegedly committed the offence behind a hotel in Jalan Sheikh Ahmad in Seremban around 7.50pm on July 10 this year. Judge G. Ramesh allowed both the accused bail of RM6,000 each and set Aug 22 for mention and submission of documents.

Technical Analysis

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 4.29.

The projected lower bound is: 4.26.

The projected closing price is: 4.27.

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 21 black candles for a net of 2 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 33.6736. This is not an overbought or oversold reading. The last signal was a sell 21 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 38.50. 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 buy 30 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 -140.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX MYR= closed down -0.007 at 4.275. Volume was 32% above average (neutral) and Bollinger Bands were 59% narrower than normal.

Open  High   Low     Close   Volume
4.281  4.281   4.271   4.275   52

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period  50-period  200-period
Close:                       4.28           4.28            4.37
Volatility:                2                 3                  4
Volume:                  40               39                37

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.

Summary

FOREX MYR= is currently 2.2% below its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect moderate flows of volume out of MYR= (mildly bearish). Our trend forecasting oscillators are currently bearish on MYR= and have had this outlook for the last 1 periods. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.

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Ivy Heffernan

Ivy Heffernan, student of Economics at Buckingham University. Junior Analyst at HeffX and experienced marketing director.

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