KLSE Bursa is looking for positive news, very much like the world looking for an immediate cure for Covid-19. Any upbeat mood such as helicopter money from Malaysia government will be short-lived because the global recession, depressing oil prices and weakening ringgit will overwhelm the market once the Covid dust settles. Market will revisit 1,400 and aim for 1,500 but the big Bear is lurking to pounce whenever there is any hint of negative news either from worsening Covid situation in US and EU or no agreement between OPEC and Russia.
Long-term BEARISH
Target: 1,000 by Feb 2021
Note
Despite the positive news on OPEC+ oil deal over the weekend, investors' interests failed to be ignited. The narrative seems to have shifted back to the Covid situation and its impact on the economy post-Covid. Expect more volatility this week as the US Covid numbers have yet to flatten and there will be a multiplier effect on the economy the longer this virus remains at large.Note
As expected, market remains volatile with no clear direction as it inches towards 1,400 level. Any positive momentum will be overshadowed by concerns of worse-than-expected corporate earnings in Q1. As the MCO begins its phase 3 into end of Apr, the market will be clutching to any positive news as Covid cases decline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.