Before the end of the week, let us look at the Dow to gauge on the overall market movement. Basically, the Dow should be well-supported at the 13000 level (SMA 50 & psychological level) and investors should closely monitor this level and any rebound from the above mentioned level should serve as a good level to initiate fresh position.
Immediate support is seen at 13000 level, followed by 12900 level and immediate resistance is seen at 13150 level, followed by 13300 level.
FBMKLCI & FKLI
Uptrend Remains Resilient!
Overall uptrend remains intact as the index is well-supported above the uptrend line (green) and the simple moving average. Any level below 1580 should serve as a good level to initiate long position with stop loss level being set around 1570 level.
Immediate support is seen at 1583 level (SMA 20), followed by 1565 level (SMA 50) and the immediate resistance is seen at 1600 level, followed by 1610 level.
Supporting Above the 3500 Level!
Nothing has changed since yesterday as the FCPO closed marginally higher by a point only. Basically, further uptrend is expected, however, the gap opening suffered at the beginning of the week coupled with the widening between the FCPO and the moving average is attracting our attention. The FCPO might experience some minor but healthy retracement before further uptrend can set in. Investors are being encouraged to take profit and stay at the bay for further action.
Immediate support is seen at 3500 level, followed by 3450 level and immediate resistance is seen at 3600 level, followed by 3650 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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