KLCI : technically was bearish since Monday. I was lack of discipline as I was still trading!! Finally, sold most yesterday as the market is turning after hitting resistance 1613 level, and failed to reverse most of my negative-signals in indicators. Yesterday is the confirmation of SELL.
I was trading it up for past 2 weeks or so ... it was easier as stocks were moving up or reversals. For example, I took GenM 3.05 KLK 21.30 or PChem 7.20 levels respectively for blue chips stage 1 moving ... once blue chips pushing the index KLCI up, we are in green light to trade smaller caps!!
YESTERDAY is an important day for me: SELL
So ... I m forced out and exited most with small losses (adding up to substantial losses too, giving back some winnings).
Oil and Gas : Recently, for 2019 since Jan ... we saw many O&G counters recovering and done a miracle 2-4x ... example KNM or Velesto. Even Armada at 50cents now has doubled. Dayang moved to RM2 ... Carimin at new high?
So, retailers are thinking inside O&G counters ...which the stories of recovering in earnings, more projects and oil prices to sustain above USD70. They are STORIES left to be seen ...yet as gullible as always, retailers suck inside ...believing stories. They will get stuck once again when the rally is over ... in the meantime, traders should ride on it.
Yesterday, PCHEM down some 5% due to not so good QR. A long black candle. A leader would bring the index down ...hence, the smaller ones will tumble too.
So ... when we trade a stock, we have to respect the main index KLCI ... then check the sector index ... then the leader ... if all positive, go for it.
As I sold most and won't be trading today, wish all luck for those holding.
TEH
No comments:
Post a Comment