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Sunday, January 16, 2011

Steel Counters

Last week we have a bull run on Steel counter where everybody were profiting ,

Overview of current Steel Counter Sector in KLSE

1) Uptrend - Still above the uptrend line
2) HH - Formed a higher high at 12.73 and now retracing. Need to monitor the support at 12.3 and 12.2 ( Uptrend line support)
3) MACD - Show 4G1R - Precaution signal of retracement time to take some profit
4) RSI - Overbought and retracing to cool down
5) ADX - At 36 showing high momentum and this will show further retracement strong in place

This sector also affected so it is time to go in to buy on weakness  :)

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