FBMKLCI
Taking Over SMA 50…
The index will take over the SMA 50 today after 3 days of hard effort to sustain above the SMA 50 (in accordance with the tumbled in DJIA overnight). I reiterate, investors should not commit any individual stocks at this level and further downside trading is expected.
Immediate support is seen at 1419 level (Fibonacci level of 38.2%), followed by 1400 level and immediate resistance is seen at 1433 level.
Reminder: US market will close for today in accordance with the Thanksgiving Day celebration.
FKLI
Ride on the Profit…
Investors should remain riding on the profit as the downtrend has confirmed, especially when the SMA 50 for the underlying is going to be taken over convincingly. We may see the cash hovering around the Fibonacci level of 38.2% for a while before it is being taken over convincingly. Investors can take the opportunity to accumulate short position with first batch of profit eyeing around 1380 level.
Immediate support is seen at 1410 level, followed by 1400 level. Immediate resistance is seen at 1428 level. Intraday trading range is expected to be around 1400 – 1420 levels.
FCPO
Pull Back Confirmed!
The FCPO is facing its tough resistance at the SMA 200 & Fibonacci level of 38.2% and the pullback can be confirmed after the FCPO is trading below the above mentioned level for the past 3 days. What should investors do? For the remaining of the week, investors can just initiate Short position on any rebound towards 3200 level.
Immediate support is seen at 3150 level, followed by 3100 level and immediate resistance is seen at 3207 level.
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