Last Done: RM2.40
The stock is expected to hover around Fibonacci level of 78.6% (RM2.40), provided the stock can take over the historical high (RM2.60), else, the range trading (RM2.35 – RM2.60) is expected to resume.
The immediate reliable support level will be at SMA 200 (RM2.30), followed by RM2.00 level and the immediate resistance is seen at RM2.60 level, followed by RM3.00 level.
Upside Movement with Higher Risk…
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
Fundamental Remains Weak…
Nothing much has changed since yesterday. The technical rebound for the FCPO is expected to resume, thus, any technical rebound should serve as a good level for those who are having long position to cut your losses or take your profit as the downward trading is expected to resume.
Although the Futures prices are trading nearer to its underlying, the discount remains huge. Provided the spread being narrowed to around 50 points, then only long position can be initiated, else, short position should be preferred at the moment ahead of the export data on this Wednesday.
The immediate support is seen at 2300 level, followed by 2250 level and the immediate resistance is seen at 2400 level, followed by strong resistance level at RM2450.
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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