FBMKLCI
Need to Take Over 1450 Level!
The FBMKLCI will need to take over the 1450 level to avoid from dropping towards the recent low. Overall technical landscape remains weak with the important support level is seen at 1423 level (recent low). As per mentioned, I am looking for a rebound in 2 – 4 weeks’ time and will start to look at certain stocks for short term trading (ahead of the 2 events mentioned above).
FKLI
Should Not Initiate a Long Position…
The FKLI’s downside risk is increasing as it trades near to its recent low (1427 level), however, if the underlying (FBMKLCI) can leap above the 1450 level, the FKLI will able to support strongly at current level and give a halt to its downward trading.
Unlike trading in stock, the volatility in futures is greater, thus, I will only call for initiating a long position if there is confirmed turning sign, else, risk taker investors can keep a small position to ride on this downtrend with the stop loss level being set at 1467 level.
FCPO
Slight Downside Bias!
The FCPO may suffer further downtrend as overnight soybean oil and soybean resumed its downward trading. However, the FCPO will remain its range trading (2975 – 3070 levels).
For risk averse investor, you should follow your stop loss level set if you have initiated the position above the 3050 level. If you yet to initiate your position, today further retracement shall give an opportunity to initiate long position as the FCPO trades towards its lower part of the range, especially if the FCPO is trading below 3000 level. Current immediate support is seen at 3000 level, followed by 2975 level and the immediate resistance is seen at 3026 level, followed by 3070 level.
No comments:
Post a Comment