FBMKLCI & FKLI
Hovering Around Fibonacci Level of 23.6%!
Both the FBMKLCI & FKLI did not trade convincingly above the Fibonacci level of 23.6%. Ahead of the weekend, I am expecting the market to trade within a tight range (1460 – 1450 levels) with downside bias. Investors can remain your short position and we shall only look into scaling down and take profit from next week onwards (ahead of the budget announcement, not because of technical analysis).
Next Monday, we shall look at some potential stocks for investors to accumulate ahead of the budget announcement and election.
Chart: FBMKLCI
Chart: FKLI
FCPO
Suffering…
FCPO suffered another day of tight range trading, no matter what, as per mentioned in yesterday report, both risk averse and risk taker investors can just rely on the range given (3070 – 2994, short when FCPO approaches 3070 and long when FCPO trades below 2994) to trade for short term until either of the level is being taken away (Please refer to the chart below for the range).
Until the above range is being taken over, I will not cover much of the FCPO for the near term.
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