FBMKLCI
“Approaching” 1450 level!
Only 4 points above the level of 1450 and this is creating more space for the index to drop below the important support level and “heading” towards the recent low of 1423 level.
No sign of recovery and no sign of any technical rebound will set in, at least for this week. I maintain my view that if the index closed below the 1450 level for today, the index will resume its downside trading and the next and final important support is seen at the recent low of 1423 level. Failure for the 1423 level to be held, we will see free fall for the index moving forward.
FKLI
Remained in the Lower Trading Range – 1467 to 1427 Levels!
Not much to cover for FKLI as it is trading within my expected range with my immediate downside target remains at 1427 level (recent low). Shortist can hold on to your position and I shall revise the stop loss level lower before the end of the week. For detail information, please refer to my weekly report (please click here).
FCPO
Boring & Need More Patient!
The FCPO has been trading within the tight range of less than 100 points for the past 3 weeks and yet to break through the triangle (please refer to chart 1 below). So, what should investors do at current stage?
Risk averse should remain sideline until the triangle is being taken out. For risk taker, investor can hold on to your long position and the stop loss level should remain at the uptrend line of 2910 level. Hopefully, with the narrowing of the Bollinger upper & lower band and the reduction of the margin required, a clearer market direction can be seen in the near term.
Overall technical landscape remains intact with the immediate support is seen at 2950 level, followed by 2910 level and the resistance is seen at 3010 level, followed by 3055 level.
Chart 1:
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