Market Outlook as at March 19, 2019

19th March 2019 Off By binary
Market Outlook as at March 19, 2019
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Albeit a minor break in December last year, FBMKLCI has consistently remained above the line connecting the lows since 2010 
Chart 1: FBMKLCI’s weekly chart as at Mar 18, 2019(Source: Malaysiastock.biz) 
FBMKLCI is in an intermediate downtrend line, RR. This downtrend line and the line connecting the lows since 2010 (as shown in the weekly chart above) are about to converge, thus providing us with the answer to the perennial question: What’s next?! Shall it be an upside breakout or a downside breakout or more of the same sideways movement? Looking at the weak ADX in the DMI, I will not be surprised that we may see more sideways movement ahead. 
Chart 2: FBMKLCI’s daily chart as at Mar 18, 2019(Source: Malaysiastock.biz)
Notwithstanding this lackadaisical market outlook provided by the FBMKLCI, our market will still serve up regular bouts of rotational play depending on the flavor of the market players. January was the month for construction stocks. February & March have been kind to O&G stocks. Will building material and property stocks be the next hot things? We will have to wait & see.

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