Thursday - 21 Feb 2008
11.45 p.m. - Malaysia time zone
Today the market open at 3685 and closed higher at 3702. The highest ( highest in the history again ) was at 3708 and the lowest was at 3668.Due to some technical problems yesterday, I was not able to forecast on today's market .
What about tomorrow ( Friday )
Tomorrow will be the last day for the week. In short term, I believe the market is still bullish, so I expect tomorrow will also be bullish, at least in the early part of the trading;
1) Take position only if the market opens between 3690 to 3735. If the market opens within this range, wait until the market falls to the level between 5 to 11 points then only a buy position could be placed here. Make sure to put a stop loss between 10 to 15 points after a long position has been established. After opening , if the market goes downwards in a very fast way, just be extra careful before placing the buy position.Wait untill the market consolidates then only a buy position could be taken.
2) If the market opens below 3690 and starts to retrace passing down between 3680 to 3676, the market may go down further. If the market retraces further to go below 3662, the probability of black bar tomorrow is quite great.
3) If the market opens below 3676, look to sell especially if it beats down the level 3662
4) If the market opens above 3775, the market could be a black bar tomorrow.
5) If no position is to be taken after opening, look for a clear trendlines such as head and shoulder, 2 Tops, 3 Tops etc
6) As usual, this is only my forecast , if you have any doubt, contact your broker