Weekly Update

USD/MYR (4.28)

It appeared to me that the previous USD/MYR's high of Rm 4.486 to 1USD is the wave b of 2. Ringgit is likely to improve to Rm 3.90 to 1 USD to complete its wave 2.

Dow (21,394)

Dow is currently forming its mini wave 4. It may take about a month to drop another 400 points to complete this correction. It is just a minor correction.

FBMKLCI (1,779)

KLCI is about to complete its sub-wave viii. Be very careful when wave B is completed as the next pullback can be as high as 15%.

Insas Bhd (1,779)

Insas continues with its mega wave (5) formation. I guess it is heading towards Rm1.80 ultimately with minor corrections and a higher degree major wave 4 pullback along the way.

Very likely it has just completed its mini wave 4 and has started its mini wave 5 in the last two trading days.

If its sub-wave v has only five waves, very likely that is also the end of wave (iii). Wave (iv) may see its price drops to around Rm 1.04 level.

Selamat Hari Raya Aidilfitri 

to all Muslim 

and Happy Holiday to all Malaysian.

 

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Ron95 - Price to go lower and lower

Ron95 (Rm 1.98)

Last week the price of Crude Oil WTI dropped from Monday's opening of US$45.80 a barrel to Friday's closing of US$44.74 a barrel.

I expect the Government to lower the petrol prices tonight.

What they said and what he has to say.

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Dow - Higher degree correction about to start

Dow (21,528)

Dow opened with a gap on Monday and continued to move higher for its 22nd new record high for 2017.

If the gap is an exhaust gap then mini wave 3 can end anytime. Mini 4 correction is estimated to last about a month.

ATTA Global Group Bhd (Rm 1.34)

After two days of correction, the magnitude for sub-wave iv is about there. The next rebound will be the sub-wave v of wave (iii).

But if ATTA continues to move lower, another possible wave count is as shown below with the current correction as sub-wave ii of wave (iii).

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Weekly Update

Crude Oil WTI (US$ 44.70)

Crude oil (WTI) price dropped continuously for 4 weeks from a high of US$52.00 a barrel to Friday's closing price of US$44.70.

It is highly possible that it has completed its wave 4 of C and is on its way to go below US$25.00 to complete its wave 5 of C. This is going to be bad for oil producing countries like Malaysia.


Dow (21,384)

Dow set its 21st record high for 2017 on Friday. It is about to complete the mini wave 3 of its sub-wave v. Next pullback will be the mini wave 4 that can last about a month. Mini wave 5 can take another month.

If both sub-wave v and wave (v) have only five waves, the major wave 7 is likely to complete by end of August.

FBMKLCI (1,791)

KLCI is about to complete its sub-wave vii. Similarly if wave (iii) of B has only nine waves, it is expected to end before September.

ATTA Global Group Bhd (Rm 1.45)

ATTA may take another day or two to complete its mini wave 4 before moving higher again to form the mini wave 5 of its sub-wave iii.

From end of May until last Friday, ATTA has gained 37 sens (from Rm1.08 to Rm1.45) or 34%. But its Warrant-B has moved from 25 sens to 72.5 sens for a gain of 190%.

EG Industries Bhd (Rm 0.84)

EG is about to complete its major wave 4.

Hopefully its major wave 5 can start next week.

Gadang Holdings Bhd (Rm 1.29)

Gadang is about to start the sub-wave v of its wave (v) of its major wave 3.

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張靚穎 《餓狼傳說》

Ron95 - Price to go lower

In the previous week, the price of crude oil (WTI) dropped from Monday high of US$48.42 a barrel to US$45.83 a barrel at the close on Friday.

Hopefully Ron95 can drop to below Rm2.00 tomorrow.


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Weekly Update

Dow (21,271)

Dow closed the week with a new record high. Very likely it will proceed to complete its mini wave 3, 4 and 5. Hopefully there won't be any failure wave.

FBMKLCI (1,788)

KLCI will follow Dow closely to finish its sub-wave vii, viii and ix.

After that I expect both the indices to have their respective 15% pullback.

ATTA Global Group Bhd (Rm 1.45)

ATTA is flying. It started to surge again on Friday. It gained 10 sens (+7.4%) on record volume of 3.59 millions shares. Currently it is forming the mini wave 5 of its wave (iii).

If wave (iii)'s magnitude is equal to that of wave (i), Rm 1.65 can be the target. And if wave (iii)'s magnitude is going to be 1.618 times that of wave (i) then the target price can be higher at Rm 2.05.

ATTA WB outperformed ATTA again on Friday gaining 11.5 sens or +23% with a much higher volume of 9.68 millions shares. It closed at 61 sens.

Insas Bhd (Rm 1.04)

Insas continues to form its mini wave 4. It is expected to complete its mini wave 4 next week.

However, if Insas starts to move higher on next Tuesday or Wednesday, it is possible that in the last 4 trading days, Insas is forming the minor wave ii of its mini wave 3.

EG Industries Bhd (Rm 0.85)

EG can be very bullish if it can move higher next week from its current level, it is going to form the mini wave 3 of its sub-wave iii of its wave (iii). Sub-wave i is a very bullish overlapping 5 waves.

My target price for the major wave 5 is Rm1.20 and above.

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Is ATTA going to fly ?

ATTA Global Group Bhd (Rm 1.36)

ATTA form a bullish engulfing pattern today. It gained 5 sens (+3.8%) to close at Rm1.36. If my reading is correct, today's candlestick can be the first candlestick of minor wave iii of mini wave 3.

Once again its Warrant-B performed much better, gaining 9.5 sens or +22.6% to close at 51.5 sens. Its volume of 5.5 millions share is much higher than ATTA's volume of 1.2 millions.

Are the 'insiders' buying heavily the Warrant-B before ATTA starts to fly ?

Looking at the 1-Year chart, if the current run-up is the minor wave iii, ATTA still has a long way to go before completing its wave (iii).  If the insider's target is Rm2.00 for wave (iii), there is another 64 sens (+47%) in front. If the Warrant-B can gain a similar 64 sens to reach Rm1.15, the gain is about 125%.

Please consider the above as my hypothesis for ATTA. Any action you have decided to take is at your own risk.

I am bullish but I can be wrong.

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Ron95 - Price to drop

Crude oil (WTI) price moved lower in the previous week. It dropped from its Monday high of US$50.28 a barrel to its Friday closing price of US$47.66 a barrel.

The government is likely to announce lower petrol prices tomorrow.

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Weekly Update

Dow(21,206)

Dow is going to set more new historical highs on its way to complete its wave (v).

FBMKLCI(1,776)

KLCI is expect to move in tandem with Dow. I expect KLCI to complete its wave B more or less the same time as Dow in completing Dow's wave (v) as well as its major wave 7. And next will be the 15% correction for both, unless I am wrong in my chart interpretation.

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ATTA Global Group Bhd (Rm 1.30)

ATTA reported excellent quarterly earning of 14.86 sens a share on yesterday evening. Its net assets is Rm 1.82 per share.

Its quarterly earning has been going up since early 2016 from -5.52 sens a share for its 1st quarter 2016 to +0.24, +3.42, +6.74 and +14.86 for the latest quarter.

ATTA gained 13 sens (+11%) today to close at Rm 1.30 on high volume of 2.1 millions share.

Technically, ATTA looked bullish with strong OBV. There are two likely wave-count at this moment depending whether it can break its upper trend-line.

If it can break its upper trend-line at around Rm 1.50, the current up-trend can be the wave (iii) of 3.

But, if it is unable to move higher than Rm 1.50, then the current up-trend is the major wave 5 as shown below.

ATTA-WB (Rm 0.43) has a better performance today. It gained 15 sens or 53%. The conversion rate for the warrant is Rm 1.00. Its maturity date is 9th May, 2022.

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