Naked Chart Trading: MY Properties Stocks 16 Apr 2024

$Real Estate(BK9030.MY)$ or $Bursa Property(0020I.MY)$ index had recorded a YTD gain of around 20% in year 2024. Today I will look into daily chart of $Real Estate(BK9030.MY)$ and see if this bull trend will continue for another rally.

Some background on Malaysia Properties stocks: The index reached its peak back in year 2014 and started a major downtrend. Then it experienced a strong rebound from Covid as government introduced a series of stimulus plans, which benefit properties buying as well. After that, the index ride on the bull trend of properties sector recovery after Covid.

In recent years, major properties listed companies delivered above expectation's financial results, while the sector supported by various of mega projects like HSR, MRT, LRT etc, as well as special financial zone in Johor, which stimulated properties prices there.

From the daily chart above, there is continous two long red candlesticks in these two days, which signaled a potential bearish reversal pattern as selling pressure comes in. Furthermore, I drawed a Fibo retracement from previous consolidation stage low during Sep 2023 to highest in Apr 2024, to identify what will be the potential support and rebound level for the index.

According to Fibo retracement, 23.6% will be arpund 1590, followed by 38.2% which is also previous resistance around 1530 level, then 50% and 61.8% which are previous support level at around 1460 and 1400 respectively.

I further zoom into $SPSETIA(8664.MY)$ daily chart, which is one of the largest property stock in term of market cap and highest traded in term of value recently.