1st November 2011, Tuesday (AirAsia - Final Coverage)

FBMKLCI

Approaching Peak?

Too early to make a conclusion on the above question, however, the resistance definitely getting tougher as the index is approaching SMA 100 & psychological level of 1500. At current level, any initiation of individual stocks, investors should be more careful and initiation of position should be in a smaller scale.

Immediate support is seen at 1487 level, followed by 1453 level and immediate resistance is seen at 1495 – 1500 level. I will cover Unisem tomorrow if there is confirmed buying opportunity.

AirAsia

Last Done: RM3.90

The Airasia stock may reach its peak at this level, there are 2 choices that investors can make and I will take it as a final coverage on this stock until there is a new buying signal for the stock.

1)      Investors (especially risk taker investors) can choose to run on the profit by revising the stop loss level higher to around RM3.50 level (very close to all the SMA) and just leave your position open.

2)      You can choose to take your position at this level.

Immediate support is seen at RM3.87, followed by RM3.62. Immediate resistance is seen at RM4.00, followed by year high of RM4.14.

FKLI

Waiting Patiently…

At current level, the index yet to give us any confirmation for short position initiation. Investors shall remain intraday trading by referring to the support and resistance level.  

With the overnight Dow suffering nearly 3% of downside trading, the immediate support for today is seen at 1445 level (Fibonacci level of 50%).



FCPO

Hovering Around SMA 50…

As per the chart shown, the FCPO currently is hovering around the SMA 50 level, this level can be a reference level for near term direction.

For short term trading and risk averse investors, investors can only initiate long position provided the SMA 50 level is being taken over convincingly. Immediate support is seen at 2900 level and immediate resistance is seen at 2952 level, followed by 3000 level.