FBMKLCI
Uptrend Confirmed?
The answer is “not yet” as the current uptrend can only be considered as a technical rebound. Please bear in mind that a firm uptrend can only be confirmed when the index suffered some minor correction and the low of the correction is higher than the previous low.
These 2 days shall allow us to view whether the index has convincingly taking over the 1453 level, both from its own technical perspective and also from the movement in DJIA since DJIA is approaching its upper range of the range trading.
With the overnight DJIA suffered more than 2% of retracement, today should serve as a good testing ground for the FBMKLCI. We shall see whether the index will able to hold above the 1453 level or not. Immediate support is seen at 1453 level, followed by 1440 level and the immediate resistance is seen at 1481 level.
We shall look at YTL Power & E & O’s stock tomorrow, those stocks are taking over certain important resistances, will those stocks create an opportunity for investors to accumulate the stocks? I shall cover both the stocks in detail tomorrow.
Genting
Last Done: RM10.12
As promised, we will have a detail discussion on this stock since a lot of the investors are asking about this stock. Overall technical landscape remains resilient ahead of the election with the immediate resistance is seen at RM10.20 level and currently there is no sign that the stock will suffer any major retracement, thus, investors who owned the stock can hold on to your position.
Tougher resistance is only being seen at RM10.60 as this is the SMA 200 & Fibonacci level of 61.8%. Investors can take the above resistance level to decide on your profit taking level.
I reiterate, this stock is not a recommendation for investors to initiate a buy position, today’s discussion is only served as a profit taking reference level for those who have owned the stock previously, please do not misinterpret the above discussion.
DJIA
11600 Level – Remains as Tough Resistance!
Refer to the chart below, the index remains stuck in the range trading of 10600 – 11600 level as the Dow is unable to take over the 11600 level convincingly for the past 2 days. Thus, the DJIA will continue its range trading with the strong support is seen at 10600 level. Nothing much to look at so long as the index remains in this range. Investors can take the above range as a reference for any position initiation.
FKLI
Remain Uncertain…
With Dow remains in the range trading and the unclear in world fundamentals, the index is unable to get a clear direction of the near term market. The FKLI may trade within the range of 1445 – 1481 for the remaining of the week. What should investors do? Investors should remain intraday trading or short term trading (less than 3 days) until a clear direction can be detected.
Immediate support is seen at 1445 -1440 levels and immediate resistance is seen at 1481 level.
FCPO
Uptrend not Yet Confirmed – Remain in the 2700 to 2919 Levels!
Yesterday, the FCPO suffered the last 30 minutes sell-down and causing the FCPO to fall back into the range that we are looking at – 2900 to 2700 range. The FCPO is expected to resume its range trading until either level is being taken over convincingly. Immediate support is seen at 2850 level, followed by 2800 level and immediate resistance is seen at 2890 – 2900 levels. The overall trend remains downward trading so long as the 2900 – 2920 levels are not convincingly being taken out.
Investors can initiate short position with the stop loss level being placed around yesterday’s high. However, further volatility is expected with downside bias.
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