Today we are going to do some sharing on global market outlook before U.S Presidential Election. First, we will talk about DJ which is the leader of global stock market. DJ was at the historical high on August 2016 and broken the support level after forming a double top. Currently, it formed another chart pattern which is symmetrical triangle before the storm coming on next week. This breakout may bring DJ to new high or once it breaks the psychological resistance, it may trigger panic selling after 4 months staying at the top.
We are looking for opportunity to short the market once it breaks the low.Next support would be 17700.
Next, let’s look at the DAX.
DAX has just broke the symmetrical triangle and retracing to trend line support now. Immediate resistance @ 10765 and support @ 10573. Once the resistance broken then highly likely to retest 11400.
Now, we will come back to local market : FBMKLCI
Hmm.. we are still in sideway market and the market volume has been dropping since last week. No much excitement from local market as the market trend not favorable to us.
Let’s wait for the clearer trend before we put in the hard earned money in financial market.