Last Done: RM6.38
Investors who are having the stock should take extra cautious as the stock currently is trading below all its SMA, especially the SMA 200 level (RM6.53), a level that never being taken out since the stock took over this level. Investors who are having the stock for short term trading should think of taking your profit at current level.
The immediate support is seen at RM6.15 level, followed by RM6.00 level and the immediate resistance is seen at RM6.50, followed by RM6.70 level.
FKLI
Starting of the Downtrend?
It is too early to confirm as the market just dropped below its important support level (SMA 20 & SMA 30) yesterday. We should be able to confirm by next weekly report.
At this moment, the FKLI is expected to resume its range trading of 1620 to 1655 levels (between the 2 lines drawn in the chart). Nothing much that investor can do except to capture on the range trading (initiate long position when the FKLI approaches 1620 level and initiate short position when the FKLI approaches 1655 level with stop loss level being set around 6 points away). We will only revisit our strategy provided the above mentioned level being taken out convincingly.
Closing the Gap Set on 22nd August?
The FCPO may have the tendency to close the gap set on 22nd of August before staging any strong rebound to break through the tough resistance level – SMA 200 (3165 level). It is worthwhile to take a risk by initiating long position around 2970 level with stop loss being set around 2940 level.
The immediate support is seen at 2970 level, followed by 2940 level and immediate resistance is seen at 3000 level, followed by 3040 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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