FBMKLCI
1450 level – Able to Hold?
FBMKLCI suffered another day of bearish trading with the index closed near to its day’s low and losing its important support level of 1450. Will the index manage to recoup its posture above the important support level of 1450? From technical perspective, without hesitation, the index will trade further towards south with the only support level being seen at 1423 level (recent low).
However, from fundamental perspective, the index may rebound to 1500 level ahead of the budget announcement and the general election. Immediate resistance is seen at 1450 level, followed by 1464 level.
FKLI
Remain Scale Down and Take Profit!
Investors can remain scale down and take profit at any level below 1450 and keep only a small position to ride on the downtrend with the stop loss level being revised lower to 1467 level. The overall technical landscape did not change with the immediate support level is seen at 1427 level (recent low) and the immediate resistance is seen at 1467 level.
FCPO
Stuck in the Range of 3070 – 2975!
The FCPO still stuck in the range of 3070 to 2975 (please refer to the chart below), failure for the range to be taken out will see the FCPO resumes in its trading range of 3070 to 2975 levels. However, with the breakout from its downtrend line, the FCPO is expected to have upside bias with the immediate support is seen at 3024 level (Bollinger middle band).
Today, with the overnight sharp dropped in Soybean and Soybean oil will see the FCPO suffers a temporary downward trading with the support seen at 3024 level. Investors can hold on to your long position.
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