Last Done: RM1.30
The stock taking over the SMA 200 convincingly coupled with the widening in the upper and lower band will indicate more upside moving forward. Investors can initiate position with the stop loss being placed around RM1.20 level and first profit taking level RM1.45 level.
The immediate reliable support level will be at SMA 200 (RM1.20), followed by RM1.00 level and the immediate resistance is seen at RM1.40 level, followed by RM1.60 level.
Upside Movement with Higher Risk…
Nothing much has changed since yesterday, as mentioned, taking over 1655 level convincingly will result in further upside for the index, especially with the widening in the upper and lower band. The next target will be at 1700 level, albeit in a slower pace and higher risk. Any new position initiation should take the 1655 level as a reference level.
The immediate support is seen at 1655 level, followed by 1650 level and the immediate resistance is seen at 1670 level, followed by 1680 level.
FCPO
Overall: Remain Weak…
Overall outlook for the FCPO remains weak, thus, any technical rebound should serve as a level for those long position holders to take your profit or cut your stop loss. Investors should be cautious ahead of the MPOB export data today and may select to stay on bay. Short position would still be preferred.
The immediate support is seen at 2400 level, followed by 2350 level and the immediate resistance is seen at 2450 level, followed by strong resistance level at RM2500.
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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