FBMKLCI
Technical Rebound Resume…
Overall technical landscape for FBMKLCI never changes and all my view towards the market remains until the end of Thursday. For detail, please refer to yesterday report. For today, the immediate resistance is seen at 1380 level, followed by 1390 level and the support is seen at 1350 level. I reiterate, investors should take this opportunity to scale up and take profit for your stocks rather than rushing to accumulate stocks for trading.
I shall cover SP Setia tomorrow if the stock can convincingly staying above the Bollinger middle band for today.
FKLI
Level to Long?
I believed most of the investors have taken your profit and are currently without any overnight position after the index reaching the support level that I am looking at two days ago (1300) and reaching the stop loss level that I have suggested yesterday (1350). So, what should investors do at the moment?
If investors decided to take a long position, I will not say “no”, however, please bear in mind that this long position should be closed before the end of tomorrow and with stop loss level being set around 1350 level. For risk averse investors, do not hold overnight position in this volatile market. We shall look into initiating short position when the index heading towards 1400 level or showing some weakness after the technical rebound. I shall cover this in detail in my report tomorrow.
FCPO
Back to Range…
As per mentioned in my report yesterday, if the FCPO managed to regain its posture above the 2917 level, the FCPO will resume its range trading with the range being widen to 2900 – 3070. The market remains uncertain as it is affected by stock markets and further volatility is expected to resume.
For risk taker investors, the only thing that you can do is to gain some profit within the range. Risk averse investors should not hold any overnight position as the direction is not clear for position trading.
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