Asian markets closed strongly.
European markets opened with 2% gain.
China exports in March returned to growth for the first time in nine months. March exports rose 11.5% from a year earlier, the first increase since June 2015.
EG Industries Bhd (Rm 0.855)
I expect the mini wave 9 to end at about 80 sens.
But the last wave of a long corrective wave can be quite unpredictable. It can have a normal end or end with a sharp sell-off followed by a sharp rebound, a V-reversal, and it also can end with a failure wave as shown below.
EG has a small rebound today. If it continues to move higher tomorrow with higher volume, then there is this possibility of a failure mini wave 9. This can be confirmed if EG can go higher then 87.5 sens.
Then the next question is whether the next up cycle is the very bullish wave (iii) of major wave 3 ?
Or it is the wave b of major wave 4 ?
Hopefully the volume can give us some indication whether it is wave b or wave (iii). Theoretically wave (iii) of 3 of (3) is expected to be very dynamic with record volume. If the volume is so so and price movement is half-dead then it is more likely to be wave b.
Ministry of Youth and Sport (Rm 10.00)
Minister Khairy presented a mock cheque of Rm 10.00 to the happy under 9 winner.
The event, which was held on 9th April, was organized by the ministry to encourage youngsters to take up cycling as well as to identify young cycling talents.
The mock cheque itself is likely to cost more than Rm 10.00.
I guess this is what the ministry can afford after one of its senior officers has misappropriated Rm 100 million meant for sport development.
Malaysia boleh
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