Last Done: RM5.12
Too many times being requested to cover this stock, however, I turned down as I noticed this stock tends to be very volatile and this is not a stock that easy for investors to initiate position. The same for this round, I covered because certain investors do hold the stock and this is purely for those who have initiated position, not for fresh initiation.
Overall, the stock is at its consolidation phase (within RM5.20 – RM4.60) with high volatility being seen. Investors can only hold the stock for mid to long term trading as it is not advisable to go for short term trading as the risk is higher. Provided the stock can trade above the RM5.20, else, the upward movement will be restricted.
Immediate support is seen at RM5, followed by RM4.50 and immediate resistance is seen at RM5.20, followed by RM5.50.
We will cover those indices (DJIA & FBMKLCI) again tomorrow as we understand this will be the crucial moment for us to know the overall market’s condition.
FKLI
Cautious…
The FKLI is expected to trade within the 1570 – 1600 bands, at least for the week as the uncertainty in US market will create some cautious sentiment in Malaysia market as well. Investors should avoid holding of overnight position as the market is expected to be more volatile for the coming 1 – 2 weeks. Investors can take the above range as a reference level of intraday trading.
Immediate support is seen at 1565 level (SMA 20), followed by 1550 level and immediate resistance is seen at 1600 level, followed by 1630 level.
Hovering Around the Fibonacci Level of 38.2%!
The FCPO is expected to resume its consolidation phase around the Fibonacci level of 38.2% and the SMA 20 (3220). Investors can just hold on to your long position and those who yet to initiate position, the above level still serve as a good reference level to initiate long position with stop loss being set around 3195 level.
Immediate support is seen at 3220 level, followed by 3200 level and immediate resistance is seen at 3300 level, followed by 3320 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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