Just Started?!
Nothing more important than covering both of these indices as overall market direction is more important. Dropping below the SMA 20 (12677) might indicate the start of the downward trading, especially if the widening in the Bollinger upper and lower band resumes.
We can only find the first slightly strong support level at 12537 (Fibonacci level of 78.6%), thus, more downside will be expected for the Dow moving forward.
Immediate support is seen at 12600 level, followed by 12500 level and immediate resistance is seen at 12800 level, followed by 13000 level.
FBMKLCI & FKLI
With the steepest dropped in DJIA, we will not be exempted from any retracement for today. One thing different for our FBMKLCI (compare to Dow) is we yet to show the obvious changing in the market direction, however, we might experience a short term and minor retracement from current level with strong & reliable support is only seen at 1532 level.
Investors can initiate short position, however, first profit taking level should set in earlier (around 1550 level) with stop loss level being set around 1580 level.
Immediate support is seen at 1563 level (SMA 20), followed by 1550 level and immediate resistance is seen at 1600 level, followed by 1630 level.
Immediate Support – 3220 Level!
The above level still good for the time being as both the SMA 20 & Fibonacci level of 38.2% dropped at this level. We will expect the FCPO to hover around this level, creating the necessary base for further upside trading.
I am still in the opinion that it is worthwhile to take a risk to initiate long position if the FCPO traded near to/ below this level.
Immediate support is seen at 3220 level, followed by 3200 level and immediate resistance is seen at 3250 level, followed by 3300 level.
Disclaimer:
The information herein was obtained or derived from the source that I believed are reliable. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute my judgment as of this date, not an invitation to buy and are subject to change without further notice.
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