Weekly Update

Dow (23,358)

Dow is forming its mini wave 8 of its sub wave v of wave (v) of major wave 7.

If mini wave 9 won't be missing, there will be more new record high for Dow before end of 2017.

FBMKLCI (1,721)

KLCI might have completed its sub wave i. If my reading is correct, CI might have started its 30 points rebound to form its sub-wave ii.

Dutaland Bhd (Rm 0.595)

Very likely Duta is forming its wave (iv).

EG Industries Bhd (Rm 0.67)

I might be wrong but I still think that EG has ended its major wave 4 in early October and has started forming its major wave 5.

EG ended Friday at Rm 0.67 which is only one sen above  the final support of Rm 0.66 for a 100% retracement for its wave (ii).

The moment EG goes below Rm 0.66, I will need to revise my wave count as shown above.

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BJCorp, Inari and Insas

Berjaya Corporation Bhd (Rm 0.395)

As I have mentioned  before, very likely BJCorp has ended its 7 years of downtrend since 2010 at the end of 2016 when there is a divergence between the downtrend stock prices and uptrend OBVs.

Since early early 2017, BJCorp has completed its wave (i) and wave A of (ii). Currently it is forming its wave B of (ii).

Since starting of November, BJCorp has moved up strongly from 33 sens to 41 sens (+24%) with high volumes. It closed at 39.5 sens today. It is highly possible that BJCorp has completed its wave B, if it starts to move lower in the next few weeks from its current level.

Inari Amertron Bhd (Rm 2.83)

If Inari can start to move higher, that should be the mini wave 5 to end its wave (vii).

However if it continues to move lower, whether I like it or not, it has already completed its wave (vii) and has started to form its corrective wave (viii).

Insas Bhd (Rm 0.93)

Insas has punched through its lower support of 96 sens on Tuesday and it continued to move another 2 sens lower today to close at 93 sens. I have no choice except to revise my wave count slightly.

At this moment, Insas is forming the mini wave 3 of its sub-wave iii of its wave c of wave (iv) as shown.

Hopefully my long term reading for Insas is correct with target price of Rm 1.80 before end of 2018.

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Malayan United Industries Bhd (Rm 0.215)

Mui dropped 5 sens (-19%) with 134 million shares traded on Monday after MY E.G. managing director Wong Thean Soon has denied that he is looking to take over Mui and he has disposed all his shareholdings in Mui.

My reading for Mui remained the same, it is currently forming its wave B that has three waves.

After the completion of wave (ii) of B, there should be a wave (iii) to complete the B.  I expect the end of wave C of major wave 2 to go below 15 sens.

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Weekly Update

Crude Oil WTI (US$ 56.88)

Crude Oil (WTI) is about to complete its major wave 4 rebound. A possible ending point is the 64.00 level.

Dow (23,422)

Very likely Dow has ended its mini wave 7 and is undergoing its mini wave 8 correction.

FBMKLCI (1,742)

KLCI is forming the mini wave 5 of its sub wave i.

Inari Amertron Bhd (Rm 2.89)

Inari is about to start the mini wave 5 of its sub wave v of wave (vii).

Insas Bhd (Rm 0.98)

If Insas can move higher next week, that should be the minor wave iii of its mini wave 3 of sub-wave i.

One of the Director and major share holder (23.95%) of Insas, Dato' Sri Thong Kok Khee (TKK), after informing Bursa Maaysia on 20 October of his intention to deal in the securities of Insas during the closed period (pending the announcement of Insas's quarterly result), TKK sold a total of  2,224,600 shares of Insas Warrant-B from 27 October to 7 November in the open market. From his direct holding of 2,904,600 shares of Warrant-B, he sold 2,224,600 and he left with only 680,000 shares. But he is not selling any of his indirect holding of 83,414,970 shares of Warrant-B.

Why was he selling his Warrant-B continuously over 8 consecutive trading days? Only he can answer this question. Whatever reasons given by others are mere speculations.

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Mahathir's Bugis Remark

Just type in 'Mahathir Bugis Remarks', wah lau eh, all the following headlines just pop up

What exactly has Dr. Mahathir said ?

I searched and search and I found thus - Mahathir,"Ya lah, maybe it is because he is descended from Bugis Pirates."

Is it true that there were Bugis Pirates in those olden days ? 

From Wikipedia I found the following :

'The Bugis sailors of South Sulawesi were infamous as pirates who used to range as far west as Singapore and as far north as the Philippines in search of targets for piracy'

So we do have Bugis Pirates in the past. 

Is Mahathir saying all Bugis are pirates?

If say Ah Chong is a gangster and I just said,"Ya lah, maybe it is because he is descended from Chinese gangster." 

Am I saying all Chinese are gangster? Have I offended all the Chinese all over the world?

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MUI and Dutaland

Malayan United Industries Bhd (Rm 0.245)

Mui surged with high volume today suggesting that its wave B has not been completed yet. Wave (iii) of B turned out to have five sub-waves. Today's up is the sub-wave iii of wave (iii).

Dutaland Bhd (Rm 0.625)

It is more likely that Duta's previous high is the wave (iii). The lat low is the wave A of its wave (iv) and it is forming its wave B at the moment.

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Inari and Insas

Inari Amertron Bhd (Rm 2.91)

Inari is forming the mini wave 3 of its sub-wave v of its wave (vii). Very well behaved.

Insas Bhd (Rm 0.995)

Insas has also started its mini wave 3 formation but not as dynamic as Inari even though it has 401 million shares of Inari that has a current market value of  Rm1.167  billion. If it is divided by 632 million Insas share, it is Rm 1.84 per Insas share.

Insas's latest quarterly earning was 5.24 sens a share with net assets at Rm 2.34 per share vs Inari's 3.31 sens a share with net assets per share of Rm 0.44. In my opinion Insas's share price should move in tandem with that of Inari.

If I compare the price movement of Insas with respect to Inari in the last two years as shown in the following chart

In fact the price movement of Insas was closely following that of Inari until end of June 2017 when Insas has gained about 37% compared to Inari's 40% over a 20 months period.

But since then, in the last 4 months, their prices started to move in an opposite direction. Inari gained another 54% reaching 94% over 24 months, whereas Insas dropped 17%  reducing its gain to only 20% for 24 months period.

If only Insas was able to continue to move in tandem with Inari in the last 4 months with an aggregated gain of say 90%, Insas would have closed at Rm 1.60 today.

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