Market Outlook as at May 15, 201917th May 2019
Chart 1: FBMKLCI daily chart as at May 15, 2019_10.54am (Source: Malaysiastock.biz)
It is worth noting that USD-MYR has broken above the 4.15 mark, and it could rally quickly to 4.19-4.20. A break above 4.20 will bring out fear of economic problem in the country, which would depress the market sentiment.
Chart 2: USD-MYR daily chart as at May 15, 2019_11:00am (Source: Investing.com)
There will always be winners and losers if the ringgit were to weaken. The usual winners will be the exporters, and none would benefit more than the glove makers. You can see Harta has once again broken above its intermediate downtrend line today.
Chart 3: Harta daily chart as at May 15, 2019_10.45am (Source: Malaysiastock.biz)
As always, a sharp plunge in the market after a prolonged decline has a cathartic effect on the market players. We are seeing a relief rally today and we can adjust our position accordingly so that we will be better position for the next move. Good luck!
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