1st March, Friday (petronas chemical)

Petronas Chemical

Last Done: RM6.35

The stock is facing with its immediate tough resistance at RM6.40 (SMA 200 & Fibonacci level of 50%), not much to be expected as the stock is expected to hover around RM6.15 to RM6.60 levels.

The immediate support is seen at RM6.15, followed by RM6.00 and the immediate resistance is seen at RM6.40, followed by RM6.70 level.

FKLI

High to Short…

With the index trading below its SMA 200 and the upcoming election, short position remains preferred and investors should look for opportunity to initiate short position instead of searching for opportunity to initiate long position, especially any level near to 1650.

Not much to be expected as the index will hover around the SMA 200 level (1624). The risk of holding long position is very high in current high political risk environment. Any short position can be held without much worry.

Additional short position can be initiated, especially if the 1600 level not able to be held. The immediate support is seen at 1600 level, followed by 1550 and the immediate resistance is seen at 1624, followed by 1640 level.

FCPO

Starting of the Free Fall?

As mentioned, if the FCPO not able to support itself above the 2400, we might see another free fall of the FCPO until 2200 level. However, it is still early at this stage to confirm on the breakdown, investors will need to closely monitor this level.

The FCPO is expected to resume its 200 points trading (2400 to 2600). Provided the 2600 level can be taken over convincingly, only we should see the FCPO to re-challenge the 2800 level (SMA 200). The same goes for the lower band – if the 2400 level not able to be supported, we shall see another 200 points of free fall.

The immediate support is seen at 2380 level, followed by 2350 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.