I would like to wish all Chinese friends out there "HAPPY CHINESE NEW YEAR" and "GONG XI FATT CHAI" as today is the Chinese New Year Eve. May you enjoy your reunion dinner tonight. This week is a long holiday for Malaysia stock market as Feb 1st is Federal Territory Day and Feb 3rd-4th is the Chinese New Year celebration. So, it can a be more quiet week than usual. However trends remain trends regardless of anything else. Let's take a quick look into Malaysia index futures market FKLI.
As we can see in the above 15-mins intraday chart for FKLI Spot Month (Malaysia Index Futures), there are some strong support around 1,500 points. Twice heavy selling could not break beyond this level as of now. Signal 1 is NOT a buy or sell signal itself but it is only an alert signal to watch for. As of last trading day in 31 Jan 2011, the FKLI spot month closed at the support / resistance line around 1,516 points. So, it barely triggered the Signal 2 which could means it will most likely to rally upwards in these couple of days. Please be reminded as of now, the most likely rally is the corrective rally instead of a new uptrend wave until signal indicate otherwise.
p/s: Hope you enjoy making money shorting the stock market 2 weeks ago. Enjoy your holiday.