19 Feb 2008
9.55 p.m. - Malaysia time zone
Edited at 8.30 a.m.- 20 Feb 2008
The market today open at 3588 and closed at 3625. The highest was at 3646 and lowest was at 3555. It seemed that today is the highest points ever recorded.It also seems that the market is breaking a new record almost everyday.
The market today open within the body of yesterday black's bar. In normal circuntances, if this situation occurs , it indicates the market will be a white bar.After 8 minutes of opening the market went down reaching more than 12 points as forecasted by me yesterday ( I forecasted between 12 to 20 points ).Today I managed to put a buy at 3567 but because my stop loss was only at 10 points after my buying position, I made a loss today! Those who had bought at this level but had put 15 points stop loss should have made quite a handsome profits!
There was also a pattern of inverted head and shoulder; the shoulder was at 10.38 a.m., the head was at 10.46 a.m. and another shoulder which was not in a clear pattern either at 11.00 a.m. or at 11.30 a.m. It was quite a gamble should this position had been taken ( long position ) as it proved later that the market started to climb to the highest points ever recorded.
I would still prefer to say that the market is still "bullish" but if the market opens at any point tomorrow ,especially if it opens below 3525, and later starts to retrace down between 3615 to 3610 and downwards , the market may be retracing further down, look for a signal to sell by using trendlines which you are familiar with! If the market opens above 3527 and above, it could go further up and a new record high would be in the making.
This is only my forecast, I may be wrong again just like today. If you are in doubt , just contact your broker.
Have a nice day!