In last Saturday Traders Club held in PCM, I spoke of Bearish Engulfing Pattern which is a bearish pattern for FKLI. If FKLI closed 1260, you can go short and need to carry your position overnite.
Wednesday, May 28, 2008
11:17 am - The usual with FKLI - Gap up and then sell down !
The range is very tight too due to the institutional rolling over their contracts. With KLCI breaking lower than 1271.0, FKLI is deemed to close lower.
10:10 am - DJIA has some room to fall further !
DJIA tonite might move sideway or down with the next support at 12,300.0
8:52 am - FKLI gap up to open 1270.5
FKLI has formed a doji yesterday and there were no follow thru. If FKLI can close above 1270, FKLI may go sideway or upward. The downtrend has temporarily stopped.
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