23rd January, Wednesday (FBMKLCI)

FBMKLCI

SMA 200 – A Reliable Support!

The index staged a strong rebound at the SMA 200 (1624) & 1600 psychological level and those levels become the reliable support level, at least for now.

No matter what, investors who are holding position are being advised to take your profit on any technical rebound as it is not worthwhile to carry your position with high political risk. As usual, I will not predict the market direction. We should only follow the direction and trade accordingly.

The immediate support will be 1625, followed by 1600 level (psychological level) and the immediate resistance is seen at 1630, followed by 1650 level.

FKLI

Long Position – Higher Risk…

Not much to be expected from the market as the market will be range trading (1620 – 1650 levels). Investors should look for opportunity to initiate short position instead of long position. Any long position initiation should try to avoid holding through the long weekend or long holiday. The SMA 200 & 1600 remains as a reliable support level, at least for now.

The immediate support is seen at 1620 level, followed by 1600 and the immediate resistance is seen at 1630, followed by 1640 level.

FCPO

Immediate Reliable Support – SMA 30!

Nothing has changed as the immediate important support will be at SMA 30 (2378). I am still in the view that it is worthwhile to take the risk by initiating long position with stop loss level being placed around 2350 level as the SMA 30 remains as a reliable support level.

The FCPO is expected to hover around the 300 (2300 to 2600). Provided the 2600 level (SMA 100) can be taken over convincingly, only we should see the FCPO to re-challenge the 2900 level (SMA 200). 

Not much to be expected as the FCPO will remain in the range of 2600 to 2300 level. The immediate support is seen at 2370 level, followed by 2350 level and the immediate resistance is seen at 2400 level, followed by 2450 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.