On the road to radicalization under the leadership of Anwar Ibrahim

I meant to have this entry last week, but I am really reluctant to do so. What happens in my country now really disappoints me, even though I am already expecting such development.

Conflict between Israel and Palestine began around 3 weeks ago with Palestinians attacking Israel with 5,000 missiles and paragliding into Israel territory, killing and kidnapping civilians. The Muslim world kept silent abou8t the killing, some even celebrating the attack as Heroic.

When Israel retaliated with continuous bombing of Gaza where Hamas hid, this time without prior warning, killing Palestinians in the process, the Muslim world have an uproar about cruelty of the Israel military.

My country, not wanting to lose out in how humane they are, participated in their protest against USA and Israel. 

The prime minister of my country, Anwar Ibrahim, led the call to support Hamas and their Palestinian plight, making speech in parliament denouncing Israel action. 

Syed Saddiq from Bersatu, who is also the member of parliament for Muar made continuous claims onto how Israel has for years kept the Palestinians captive for years to justify Hamas' attack on Israel.  

My favorite politician Khairy Jamaluddin, participated in protest on Israel action at the US embassy (There is no diplomatic ties between Malaysia and Israel).

Their action was so prominent that Hamas called them up thanking them for their support of the cause.

Such hypocrisy from the Malay politicians in my country!

Do they really bother with the cause of Hamas, which is to eliminate all Jews from the surface of the earth? 

No, Malaysia is half a globe away from middle east. They can yell all they want and it really have little effect on the outcome of Israel-Palestine conflict. If Malaysia is truly fighting for the cause of Palestine, how about raise a motion in United Nation to stop the conflict.

These people are simply scoring cheap political points from the voters, primarily the Muslim majority, many of whom are ignorant followers of the faith. 

If they are such staunch supporter of equality and humanity, how about addressing the racial problem at home, where the Malay Politicians constantly demonstrating their fight for Malays by suppressing the rights of Chinese? How many times have I heard them call the Chinese to go back to China? I am a third generation Chinese here and I am born in Malaysia, I identify myself first and forth most a Malaysian. 

These people disregard the welfare of the country, the people and only focus on their hold on to power by playing the race card. The staunch support to Palestinian is simply a projection of incompetence within the government to improve people's lives. the largest race is given the most benefits and give outs yet remain as the most incompetence while arrogant to be the master of land. I wonder if they even have shame within.

I have predicted during the last election that Anwar is not one who can be trusted, he is incompetent in leading the country. It seems to me that I am right in my opinion. He constantly uses smoke and mirrors to distract the people over the fault of his leadership, constantly instigating fight with the opposition while sweeping the problems of the country under the rug.

My last update on the situation of Malaysia was Occult always lead to eventual collapse in June 2023. I was negative of the future of the country at the time. I estimated that MYR will continue to be weaken and KLSE may continue to slide downward.

So what is happening now?

Fig 1. MYR weekly chart

MYR closed at 4.7838 after the high of 4.7905. This surpassed 4.6884 that I estimated previously. Event after my previous post leads to another resistance of 4.8044. In addition, there is another resistance between 4.7826 to 4.9605.

The moving averages are supporting the continuation of MYR, gaps between the moving averages are widening. In addition, what seemingly looks like a 5-wave movement fails the criteria, with the "4th wave" violating the peak of 1st. There is a potential of a correction. However, there is still no sign of reversal as yet. It is worthwhile to monitor the counter. 

As spoken before, it may not be good enough to just look at MYR, mainly because USD is relatively unstable now, considering an incompetent president with a corrupt political arena focus on woke ideology. America at this moment is inching towards Communism and dictatorship. Unless there is enough determination to reverse the situation, we will see the downfall of a powerful empire.

It may be good to check out SGDMYR as well, which is more relevant.

Fig 2. SGDMYR weekly chart

The trend of SGDMYR is similar to that of MYR, It surpassed the resistance level of 3.49750 with a high of 3.5026 only to close at 3.4937. However, it broke through the previous high of 3.4938. Again, the moving average pattern support a continuation behavior. 

Where will it be heading from here on? The closest resistance I see is between 3.52316 to 3.5680. This follows by 3.63150.

The issue I see is that there is a decrease in momentum in its deterioration. It is possible that we might be seeing a correction soon. However, that will require a clear reversal signal.

The currency is indeed weakening, how is the market performing then?

Fig 3. KLSE weekly chart

In my previous entry on KLSE, I was already negative on KLSE. Since then, it reversed and retested 55-week moving average and seemingly having difficulty going higher.

Nevertheless, this creates a possibility of a breakthrough, with potential resistance between 1,471 to 1,508.