FBMKLCI
Interesting Movement...
The index finished the day in positive territory and trading above the Bollinger middle band. Will this level able to be sustained or it will only be a short-live? We shall have the answer by the end of this week.
Current immediate tough resistance is seen at 1415 – 1420 levels (SMA 30 & Fibonacci level of 38.2%). Taking over the above range will only give us a more convince picture that the index will stage a rebound prior to the election.
Please bear in mind that investors can accumulate some stocks when those stocks showed some turning signal, however, those stocks should only for short term trading and the accumulation should not be in huge quantity as the overall market remains in a weak position.
I shall cover Airasia’s stock tomorrow and we shall have a look whether this stock is worth to accumulate or not.
FKLI
Resistance Level Remains at 1410 Level!
Unlike the cash market, the FKLI ding dong the whole session and ended marginally higher of 2 points only. Most importantly, the FKLI closed below its important resistance level of 1410. I will remain my call that investors can only initiate long position if the index convincingly staying above the 1410 level, else, investors should stay on bay or investing for intraday trading only.
Immediate support is seen at 1400 level, followed by 1380 level and the immediate resistance is seen at 1410 level, followed by 1420 level.
FCPO
Hovering Around 2750 – 2850 Levels!
Nothing much to cover on FCPO as FCPO remains in a boring trading session yesterday by hovering around the 2800 level. However, with the surged in overnight soyoil, the FCPO should follow in tandem with the resistance is seen at 2850 level, followed by 2865 level.
Overall trend remains downward trading with the FCPO trading in 2919 – 2666 range. Immediate support is seen at 2750 level.
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