Immediate Tough Resistance Level – 12000!
DJIA closed nearly 200 points higher after 2 days of sharp dropped, however, the Dow is facing a tough resistance at 12000 level (Fibonacci level of 61.8%, SMA 200 and psychological level). The Dow will need to garner more power to break through this level, else, more downside trading is expected. Immediate support is seen at 11620 level and immediate resistance is seen at 11910 level.
FKLI
More Volatility Ahead…
There is yet to have a clear direction at the moment and investors can remain intraday trading/ short term trading (less than 3 days) by taking those supports and resistances levels as a reference. Immediate resistance for the FKLI is seen at 1481 level and the immediate support is seen at 1445 level. This should be the range that we are looking at, at least for the day. We shall only look at long term initiation when the index approaching 1500 level (especially when any weakness started).
FCPO
Reliable Support at 2900 Level…
The FCPO remains in a tight range trading and hovering around the SMA 50 level (2950) with the reliable support level is seen at 2900 level. Nothing much that investor can do with it except to remain intraday trading and waiting patiently for the opportunity to initiate long position if the SMA 50 level is being taken over convincingly. Immediate support is seen at 2900 level and immediate resistance is seen at 3000 level.
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