Week In Review: 26 Nov 2017

The following hourly chart of FBMKLCI shows that there are some level of support @ 1,716. Last Friday, the index managed to close just above the support line. Any further dip below 1,716 will reinforce a bearish theme for the Malaysian index.

KLCI

The following hourly chart of SAPNRG has shown that the stock has stayed below its key resistance point of $1.38. Immediate positive or negative catalyst will be the outcome of the OPEC meeting to be held on 30 Nov 2017.

SAPNRG_26112017.jpeg

If there is no further commitment for production cut by the OPEC, the Brent may appear to be in an ‘overbought’ (or “overextended) position.

BRENT_NYMEX.WLD.jpeg

DISCLAIMER: THIS IS A PERSONAL BLOG AND SHALL NOT BE RELIED IN WHATSOEVER MANNER BY ANYONE. ALL ARTICLES CONTAINED IN THIS SITE ARE STRICTLY FOR INFORMATION AND ILLUSTRATIVE PURPOSES ONLY AND DOES NOT PURPORT TO SHOW ACTUAL RESULTS. IT IS NOT, AND SHOULD NOT BE REGARDED AS INVESTMENT ADVICE OR AS A RECOMMENDATION REGARDING ANY PARTICULAR SECURITY OR COURSE OF ACTION. SOURCES USED IN THIS SITE HAVE NOT BEEN INDEPENDENTLY VERIFIED FOR ACCURACY, COMPLETENESS AND TIMELINESS. YOU SHOULD SEEK INDEPENDENT AND PROFESSIONAL INVESTMENT ADVICE IN REGARD TO YOUR INVESTMENT DECISIONS. THE AUTHOR MAY HOLD POSITIONS IN THE SECURITIES MENTIONED IN THE ARTICLES.

Author: Ken Utau

Markets Observer + Food Lover

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