From 2003 to 2018, each cycle from peak to peak for FINANCE index lasts between 36-46 months. Recent high in early May 2022 is equivalent to 49 months.
Other indicators:
- Negative divergence on monthly chart (CCI)
- Similar negative divergence also appear on the monthly chart for big caps like PBBANK, MAYBANK, HLBANK, CIMB.
If banks pullback next week and gradually fall within that falling wedge pattern - bullish signal that accumulation phase is finally over and markup phase begins.
Using gloves selldown to bring down KLCI and affect retail sentiment provides perfect opportunity for smart money to accumulate.
Finance 12/6/2021 Respecting the chart very well , restricted by the downtrendline . Lets see if a pull back and breakout from the downtrendline
Finance 6/6/2021 Close to the resistance 15.3k
Following a 2 month decline in bank stocks, FINANCE index almost touched oversold on the RSI yesterday but bounced back and broke out of its downtrend line today.
Expect banks to drive KLCI rebound after Hari Raya break and offset projected decline in glove stocks.
Successfully converting resistance to support line. Now is the matter of time when market recover.
Who will be the leader in this sector?
#JeremyTrendingStock
It moves just like other recovery thematic play sectors like consumer, properties and constructions.
Forming a lower low and lower high instead.
MCO 2.0 continues. More people are jobless and more shops are closing down. Bad debt is the major concern now for next Quarter report.
