Wednesday - 26 March
9.00 a.m. - Malaysia time zone
Yesterday the market open at 3388 and closed at 3500. The highest was at 3501 and the lowest was at 3380.
Since I did not make any speculation on yesterday's performance, so let's move to today's forecast.
From the last 5 day's performances, the market clearly shows that it is still in the sidelines situation. In this situation, as I mentioned earlier, the strategy used should be the contrarian strategy i.e. you buy when the sign gives the signal to sell and vise versa. Unless the level between 3613 to 3620 or the level between 3150 to 3160 are broken, then I would foresee a new and clearer direction would be recognised. My analysis ;
1) If the market opens between 3428 to 3490 and later moves up beating the level 3505 ( it may not even reach this level ), the market may go up further but at certain point, it will retrace down ( here look for trendlines to sell ) but if the market moves further up and beats the level 3613, the market may moves further up and a white may be formed at the end of the day.( If this happens, the sidelines could probably be over, if not the market will still be sidelines )
2) If the market opens below 3426 and later beats down the level 3410, it may retrace further. If it beats down again the level 3375 and below, the market may retrace further down and may bounce back ( look for trendlines to buy here ). But if the market keep retracing down and passes the level 3320 , the market may ends a black bar today.( If this hapopens, the sidelis may be over, if not the sidelines will persist )
3) If the market opens between 3380 to 3501 , then start moving up, refer to #1 as above or starts moving down, refer #2 as above
4) If the market opens above 3505, it is your call
5) If the market opens at 3375 and below, it is your call
6) In sidelines situation, the usage of trendlines give better result than using other methods.
That's it, I may be wrong again. Not sure, contact your broker.