I couldn't seem to find the updates for WW18??
I didn't blog about it last week?
Hmmm ..... strange. I guess age is catching up and starting to play tricks on me.






GOLD




I want to talk about gold first this week. Let's keep the interesting ones towards the end :)

Gold, is having a short rally.
Immediate resistance is to be seen at the 900 area, and the down trend is predicted to resume it's course.
No excitement here. (Unless of course it really breaksthru the 900 resistance, which I doubt so.)

USD

Dollar, as expected, has been trading in the $74-$72 range.
An evening star just formed, especially at an oversold region.
Expecting a pull back. Maybe to around $72.

If the resistance holds strong, it will attract more buyers, and hopefully, the US Dollar will stage a steady rally from then.

We really need the US Dollar to get back in shape, which is the main reason why oil price has been getting on steroids lately .....









OIL




GOSH.
Don't you wish that you were in this counter ?
And GOSH, don't you wish that your business doesn't revolve around oil?  :P

Yes. Oil has been going on steroids lately. With the fact that all the happenings in Nigeria, which further fuels it's speed.

As expected, what worries me last week on the Morning Star has indeed become true.  OIL indeed breaks thru the $120 resistance. It not only did so, but with strong momentum !!!

I really have no idea where it will stage a pull back, as there's no sign of it. The only thing I would say is that, if it does pullback now, $120 might be the immediate support.

And I would really hope that OIL will break the $120 support so that the market can stage a stronger rally. Afterall, I believe oil is the only reason the Market hasn't been staging a rally FREELY until now. (there's nothing wrong in hoping, right? :P)









Dow Jones





Dow Jones has pulled back on recent days, all thanks to the OIL which kept making high highs on the past few days.

It is very important for all the traders to keep believing in the market, and bidding up the price when DJ hits the resistance area around 12700. That support is what holds the majority traders' believe in the bullishness of the market. Once that is broken, I will change my view on the market. Right now, I still remain bullishness in the Dow Jones.

13000 now acts as a very important point to be broken, as it represents the tug-of-war between the bulls and the bears.










KLCI

KLCI is currently trading in an up sloping range.
It's fate looks almost the same as the Dow's.
Either it breaks out above the 1320 resistance, and stage a full rally, or,
it gets hammered down to earth once it breaks below the ~1270 resistance.

As we can see that, the up sloping wedge is starting to get smaller and smaller, this means that the volatility is getting lower and lower. People are all waiting. Be prepared for the BIG MOVE in the next few days/weeks. I predict that it is gonna be an explosive one.