Last Done: RM4.87
Downside to Resume…
The downside trading is expected to resume as the stock is currently trading below the Bollinger middle band coupled with the widening in the upper and lower band. Overall technical landscape will be negative as the stock is trading below all its moving averages. The immediate support will be at RM4.70, if this level is not able to be supported, we should see the stock to suffer further retracement until the next more reliable support level – RM4.30.
The immediate support is seen at RM4.70 level, followed by RM4.30 level and the immediate resistance is seen at RM5.00 level, followed by RM5.40 level.
FKLI
Reliable Support – SMA 200!
As mentioned, the 1600 level (SMA 200 & psychological level) remains as a reliable support level. Not much that investors can do at the current level except to wait until the index drop near to/ below the 1600 level and start to accumulate long position.
The immediate support is seen at 1610 level, followed by 1600 level and the immediate resistance is seen at 1625 level, followed by 1636 level.
FCPO
Hovering around SMA 30…
The FCPO currently is hovering around the SMA 30 (2460) and provided the SMA 30 is being taken over convincingly, else, the FCPO will remain to trade within the band of 2250 to 2450. Once the SMA 30 is being taken over convincingly, the FCPO will trade into the next range of 2450 to 2650 level.
Above mentioned bands can be taken as a good reference level for any position initiation with tight stop loss being placed around the mentioned level.
The immediate support is seen at 2430 level, followed by 2400 level and the immediate resistance is seen at 2470 level, followed by 2500 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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