No interesting/attractive trades from my weekend analysis. US Markets are badly hit again last friday, and Yen is trading at 1 yr's high (this will affect the carry-trade situation). Japan & Korea is down 2% at point of writing, so let us embrace for a long day of wading in the 'red sea'.
But here's some prediction for this week.
1) Hong Kong index likely to hit 27,200 level (Support 1) or 25,700 level (Support 2) within this week or next week, before staging a rebound. The level is calculated based on Fibonacci Analysis of 38.2% & 50% level.
2) HK/China-listed CA on KLSE will fall another 20%-30%. I went through some of their mother-listed shares such as Sinopec, Petrochina, and they all have serious breakdown. If Hong Kong Index are to hit my calculated level, of course, CAs falling 20%-30% is normal.
3) US market will stage a strong rally this week. The financial index is oversold badly, so there will be a strong rebound coming up this week.
Strategy of the Week:-
Stay in cash, and look for cheap buys on HK/China-listed CA. They will also stage a rebound too, and we are talking about 20-50% return if they 'do' rebound. Just watch for signs of weak selling and you can enter or buy on any good support level you see on the charts.
Good luck trading.
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