FBMKLCI
Important Support – 1423 Level!
FBMKLCI suffered another day of sharp dropped after opened higher. However, at this moment, the index managed to sustain above the recent low of 1423 level. The index will need to regain its posture above the 1450 level to give some further upward movement. With the overnight Dow gained more than 1% (European leaders will help Greece to avoid default), hopefully the FBMKLCI can sustain its gain and trade above the 1450 level.
Current immediate support is seen at 1423 level and the immediate resistance is seen at 1450 level. Next week, we shall look at the probability that index will suffer another 10% of downward trading.
FKLI
Waiting for Buying Opportunity…
Yet to have any turning sign for us to initiate long position, however, will wait patiently for the turning sign. Although the downtrend will resume, at least for now, with the upcoming events, I will not go aggressively for short position. Same as the cash market, the immediate support is seen at the recent low – 1427 level. Immediate resistance is seen at 1450 level, followed by 1467 level. I will cover the level that we can look at to initiate the long position in my next week’s report.
FCPO
Profiting from Range Trading!
The FCPO still trades in its tight range of 3070 – 2975 level, so what can we do? While waiting for the upside breakout (3070 level), investors can remain taking the opportunity to profit from the range trading (long when the FCPO trades near the 2975 level and short when the FCPO trades near the 3070 level). Further sideways trading is expected as overnight Soybean oil and soybean closed marginally lower.
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