FBMKLCI
Another Day of Congestion…
Dow remains in the range that we are looking at – 10600 to 11600 levels without successfully breaking through the upper band of the range (11600) level. This will cause FBMKLCI to follow in the same direction and hovering around the 1420 – 1453 levels.
In my view, this consolidation maybe good as recent sharp upward movement should follow by a consolidation phase before any further trading towards north shall be set in.
A gentle reminder, investors should keep an eye on the movement in Dow as this index still serves as a benchmark for our market and the above range should be closely monitored.
FKLI
Preferring Day Trade…
The same for FKLI, FKLI will be trading in tight trading range after recent technical rebound. Investors should remain taking intraday position or taking a short term position (not more than 3 days). We shall only commit long term position when the direction is clear (either taking over the 1455 level convincingly or taking over the 1410 level convincingly).
Immediate support for today is seen at 1435 level (SMA 50), followed by 1420 level. Immediate resistance is seen at 1450 – 1455 levels.
FCPO
Range Trading…
Nothing much to cover even overnight soyoil dropped more than 2% as the FCPO remains trading in the range that we are monitoring (2770 – 2900 levels). In fact, for the past one week, the trading range is within the 100 points range. Risk averse investors should remain sidelines as the volatility of the market might not be suitable for your trading.
For risk taker investors, investors can temporary take the range as a reference when initiating any fresh position. However, please take note on your risk reward ratio and keep your stop loss in tandem.
Immediate support is seen at 2870 level (SMA 20), followed by 2850 levels. Immediate resistance is seen at 2900 level, followed by 2920 levels.
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