Today at 4.15pm, TMI Berhad one of the member from Composite Index of KLSE broke belowRM3.54. This support level already stood about 2months, recently although KLSE have been touched 800 points but TMI did not hit below RM3.54. So, I usually take these as strong support level. Unfortunately, today it had broke this level and I am make a assumption it would be brought the followings effect: -
a) Hit another 20% low from RM3.54 in the next few days.
b) No new support level can define.
TMI represented about 3.16% ratio on KLSE index, so for every 1 cents low would bring index drop about 0.0962. If heavy adjustment on this counter, It will be brings another panic selling to hit other index members.
Based on the above, I am here highly recommend doing a “Short” position at KLSE future for DEC 08 and Jan 09.
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