19th October 2011, Wednesday (YTL Power)

FBMKLCI

Important Task – Taking Over 1453 Level!

The index will need to regain its posture above the 1453 level (Fibonacci level of 50%) for further uptrend, else, the index may retrace further towards the 1419 level and resume its consolidation phase within the band (1419 – 1453).

Overall technical landscape did not change and not much to cover until the 1453 level is being taken over convincingly. Immediate resistance is seen at 1440 level (SMA 50), followed by 1453 level and the immediate support is seen at 1420 level.

YTL Power

Last Done: RM1.88

Investors can have a close monitoring at this stock and get the confirmation today. Please refer to the chart below, the stock has been trading below the SMA 50 for nearly a year and it just took over the SMA 50 on Monday.

If the stock managed to sustain above the SMA 50 for today (RM1.84), investors can initiate a small position with the stop loss level being set at recent low – RM1.60 level. Immediate support is seen at RM1.77 (SMA 30), followed by RM1.70. Immediate resistance is seen at RM1.90 level (Fibonacci level of 23.6%), followed by RM2.06.

FKLI

Uncertainty…

The FKLI remains trading in uncertain situation and investors are being advised to remain short term trading (less than 3 days). Investors can initiate position base on the movement in cash, especially can refer to the 1453 as a guidance level. I shall only cover in detail if the FKLI shows a clear direction in the near term. Immediate support is seen at 1410 level and immediate resistance is seen at 1445 – 1450 levels.

FCPO

Remain in Range…

The FCPO resumes its range trading (between the Fibonacci level of 23.6% and 38.2%). We will expect the FCPO to hover around this level for the week. Immediate support is seen at 2800 level, followed by 2750 level. Immediate resistance is seen at 2850 level, followed by 2900 level. Investors can either choose to maintain your short position or take profit when it trades near its recent low – 2754 level.