My WMA for the week has been delayed as I was outstation to give a talk in Kuala Lumpur. The pull back has happened as soon as the market opens last Monday.
Weekly charts shows the trend is still up. So long the EMA do not crossed, this would be just a dip in the uptrend.
The daily chart has dropped to near its oversold zone based on RSI. Deeper into the oversold zone would have been better. But it might still means this week, there would be a rally happening to reject that oversold zone.
VIX (Fear index) weekly is moving sideways to the up side. VIX Daily has showed we have broken out of the green box. The top of the green box might turned from resistance to support, the bears have the upper hand. But if prices heads back into the green box zone, fear has been contained.
Summary:
Mid term view:
Weekly trend is UP until EMA crossed.
Short term view:
Mid term trend is UP, and short term showed a dip = buying opportunities. The benefit of the doubt should favour the bulls. However, run once you are in profit. At this stage of the trend, it is not the time to be greedy yet.
Cheers
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NOTE: All information provided “as is” for informational purposes only, not intended for trading purposes or advice.
