Last Done: RM5.08
Not much to expect from the stock as the stock is expected to hover around RM5.00 to RM5.40 level. The strong support remains at RM5.00 level (psychological level & Fibonacci level of 38.2%), thus, any new position initiated should take the above mentioned level as a reference level.
The immediate reliable support level will be at RM5.00, followed by RM4.50 level and the immediate resistance is seen at RM5.40 level, followed by RM6.00 level.
Upside Trading Remains Intact…
The overall uptrend remains intact, albeit in a slower pace. However, the index is expected to hover around the 1650 level to 1665 level for the remaining of the week. The reliable support level has been revised higher to 1620 (from 1600 level) as both the uptrend line and SMA 100 level located.
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
Strategies for this Volatile Market…
The FCPO currently is trading in a high volatility situation, thus, certain strategies need to be applied to avoid huge losses, especially in the month of October. Those strategies included:-
1) Try to avoid holding overnight LONG position.
2) All position should couple with tight stop loss level.
3) Risk averse investors should not take any overnight position.
The immediate support is seen at 2400 level, followed by 2350 level and the immediate resistance is seen at 2470 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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