KLCI, SPOTMONTH, PROTON, NAMFATT, FREIGHT

(Killing Zone)

KLCI ends +1.3% at 1019.93 in heavy volume of 1.02 billion shares, very likely to test 1025 resistance tomorrow in follow through trade. Both foreign and local institutions having been plowing funds into construction stocks ahead of the award of infrastructure projects outlined in the Ninth Malaysia Plan. Palm oil stocks extended gains on hopes growing demand for biodiesel will support higher crude palm oil prices. A number of laggard heavyweights and turnaround stories attracted heavy buying interest.


KLCI CASH
As mentioned earlier (previous post 1, previous post 2) my target for KLCI Cash is 1,025 although the 1021.20 resistance is the peak in 2000 led by rally in tech stocks. Then the market should experience consolidation/mild correction to neutralise the overbought condition.

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For 9 NOV the Index closed at 1,019.93.
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
The projected upper bound is: 1,033.49.
The projected lower bound is: 1,009.15.


SPOTMONTH
For Spotmonth fans, my target for NOV is 1,040.

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For 9 NOV the Spotmnth closed at 1,014.00.
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
The projected upper bound is: 1,028.76.
The projected lower bound is: 1,001.76.


PROTON

Somebody e-mailed asking about PROTON. Here is my technical view the Chap Ayam Way: Proton is currently testing the 5.65 resistance. If broken, the next target would be 6.40 Tip Top Condition

For 9 NOV the closing price was 5.5000.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 5.90.
The projected lower bound is: 5.15.
CUT LOSS: 5.00


NAMFATT
Testing resistance 0.435/0.44. Next target 0.475 Tip Top Condition

For 9 NOV the closing price was 0.44.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 0.39.
The projected upper bound is: 0.48.
The projected lower bound is: 0.41.
CUT LOSS: 0.40


FREIGHT
Break resistance 0.845/0.86. Target 0.96 Tip Top Condition

For 9 NOV the closing price was 0.88.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 0.93.
The projected lower bound is: 0.84.
CUT LOSS: 0.80

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