22nd March, Friday (Mulpha)

Mulpha

Last Done: RM0.415

Taking over RM0.42 level (Fibonacci level of 23.6%), the stock will have further upside until the next resistance level – RM0.45. Investors who are having the stock should take the RM0.42 level as a good reference level for any new position initiation, taking of profit or cutting of your losses.

The immediate support is seen at RM0.40 level, followed by RM0.34 level and the immediate resistance is seen at RM0.42 level, followed by RM0.45 level.

FKLI

Downside Trading…

Ahead of the weekend and drawing nearer to the dissolution of the parliament, the FKLI is expected to trade lower for today.

Investors will need to bear in mind that fundamental should supersede technical analysis in this high political risk environment and short position should remain preferred.

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

FCPO

Confirmation…

The FCPO traded above the downtrend line yesterday. As mentioned, if the FCPO can leap above the long term downtrend line (blue line), the chances for the FCPO to trade into the next 200 points territory will be very high.

Nothing much has changed has the FCPO is expected to resume its tight range trading – 100 points (2375 to 2475 levels). 

Provided the 2475 level can be taken over, then only we will see the FCPO to resume its 200 points trading range (2400 to 2600).

The immediate support is seen at 2365 level, followed by 2350 and the immediate resistance is seen at 2475 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.