FBMKLCI
Dented by DJIA?
Yesterday, the FBMKLCI staged a rebound and closed firmly above the important support level of 1404. It gave us some hopes for our bargain hunting at this stage. However, with the overnight DJIA suffered more than 2% of dropped (cause of divided opinion over the stimulus steps), will FBMKLCI decouple from the world indices and trade higher for the day?
No matter what, so long as the 1404 level is being well-supported, I think the market should be able to trade higher ahead of next Friday’s budget announcement. The support is seen at 1404 level, followed by 1400 level and the resistance is seen at 1423 level, followed by 1440 level.
FCPO
Waiting Eagerly!
The FCPO remains in the range trading of less than 100 points and “unwilling” to trade either direction at this moment. However, investors can remain to profit from the range trading until either direction is being taken out convincingly. The range remains at 3080 – 2975 levels.
FKLI
Opportunity to Long?
Investors can follow the FBMKLCI’s movement and initiate long position if the underlying is supporting well the 1404 – 1400 levels. The stop loss level shall be set at 1397 – 1392 levels. However, with the overnight risk that investors will need to suffer, risk averse investors should not hold too large a position overnight. The immediate support is seen at 1400 level, followed by 1380 level and the immediate resistance is seen at 1427 level, followed by 1440 level.
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