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Last Friday, FBMKLCI broke below the support from the horizontal line, AB at 1480. If FBMKLCI does not recover quickly over the next 1-2 day(s), it may continue to slide to the next support at the horizontal line, XY at 1415.


Chart 1: FBMKLCI's daily chart as at Oct 30, 2020 (Source: Malaysiastock.biz)

If we are concerned that the fall in FBMKLCI may be caused by month-end closing shenanigans, then you can take a look at FBMEMAS (below). That index has not broken the line, AB connecting the 2 recent troughs. If FBMEMAS were to break below the AB line at 10600, then it may continue to slide down to the next support at the horizontal line, XY at 9860.


Chart 2: FBMEMASs daily chart as at Oct 30, 2020 (Source: Malaysiastock.biz)

The non-confirmation from FBMEMAS does not take away from the current precariousness of our stock market. Below are the state of the various sectoral indices in our market:
Sectoral indices that are in a downtrend:

Transportation: https://www.tradingview.com/x/hkVLUTqT
Telecommunication: https://www.tradingview.com/x/EROQ1PAr
Property: https://www.tradingview.com/x/WaJMd5Hf
Financial Services: https://www.tradingview.com/x/dQ5CuMKL
Construction: https://www.tradingview.com/x/uetgG9Dj
Energy: https://www.tradingview.com/x/bJGJmkfi
Sectoral indices that have started their downtrend:

Plantation: https://www.tradingview.com/x/XfSWq2ry
Consumer prod: https://www.tradingview.com/x/QHNGkusy
Sectoral index that has peaked:

Industrial Prod: https://www.tradingview.com/x/rfA5IX8b
Sectoral indices that are still in an uptrend:

Health care: https://www.tradingview.com/x/iVBlmfhm
Technology: https://www.tradingview.com/x/XCViBOJb
 Based on the above, we have to be very careful in taking large position in the market.

http://nexttrade.blogspot.com/2020/11/market-outlook-as-at-october-30-2020.html