FBMKLCI
Reversal Signal?
Yesterday, the FBMKLCI traded so close to the 1400 important support level but rebounded from its low (1404) to close at 1410 level. From Japanese candlestick’s perspective, this is a hammer and it may represent a reversal is setting in after the recent downtrend. We shall have the confirmation today and eyeing for some stocks to accumulate for short term trading (ahead of the budget announcement and the election).
The immediate support is seen at 1400 level, followed by 1380 level and the immediate resistance is seen at 1423 level, followed by 1435 level.
FKLI
Ready to Long…
If the FBMKLCI is showing some reversal signal, we may take the same view for the FKLI. Investors should have a close monitoring of the market for today. If the cash (FBMKLCI) is well supported above the 1404 level, risk taker investors can initiate long position with the stop loss level to be set around 1396 – 1390 levels. Else, if 1400 is not being well-supported, risk taker investors should get ready to initiate short position with the stop loss level being set around 1400 level.
Immediate support is seen at 1400 level, followed by 1380 level and the immediate resistance is seen at 1427 level, followed by 1440 level.
FCPO
Struggling to Breakout!
The FCPO still struggles to breakout from the tight range trading of less than 100 points. As per mentioned, if the FCPO yet to break through the tight range trading, nothing much that we can expect except to profit from the range trading. Investors can resume to profit from the range by initiating short position if the 3080 level is not being taken out convincingly.
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