Announcement:
1) Bursa Malaysia will be closed for tomorrow in tandem with the celebration of Deepavali. The market will resume on Thursday (27th October 2011).
2) There are a few questions being asked by clients, I summarized 2 most important questions with the answers as per below:-
i) Why certain stock that I mentioned in the previous day report that I will cover on the next day but I did not cover at the end?
Answer: If the stock is not worthwhile to cover on the following day (cause of the changes in the market outlook of the stock itself), I will not write/ cover on the stock.
ii) Why certain day the market outlook is without any highlight (in red)?
Answer: If the market is trading in range (boring session) and nothing is important, I will not purposely highlight it (like last Friday).
iii) What time you will definitely able to have the latest update in my blog?
Answer: Any time after 745am. Normally the report will be published before 745am.
FBMKLCI
Another Chance to Challenge 1453 Level?
The FBMKLCI went up and reached 1462 level yesterday, however, the FBMKLCI closed below the important resistance level of 1453 (Fibonacci level of 50%). The index is given a second chance today since the overnight Dow gained nearly 1%. If the index yet to take over the FBMKLCI, the range trading will resume. Immediate support is seen at 1436 level (SMA 50) and the immediate resistance is seen at 1453 level, followed by 1465 level.
1) Bursa Malaysia will be closed for tomorrow in tandem with the celebration of Deepavali. The market will resume on Thursday (27th October 2011).
2) There are a few questions being asked by clients, I summarized 2 most important questions with the answers as per below:-
i) Why certain stock that I mentioned in the previous day report that I will cover on the next day but I did not cover at the end?
Answer: If the stock is not worthwhile to cover on the following day (cause of the changes in the market outlook of the stock itself), I will not write/ cover on the stock.
ii) Why certain day the market outlook is without any highlight (in red)?
Answer: If the market is trading in range (boring session) and nothing is important, I will not purposely highlight it (like last Friday).
iii) What time you will definitely able to have the latest update in my blog?
Answer: Any time after 745am. Normally the report will be published before 745am.
FBMKLCI
Another Chance to Challenge 1453 Level?
The FBMKLCI went up and reached 1462 level yesterday, however, the FBMKLCI closed below the important resistance level of 1453 (Fibonacci level of 50%). The index is given a second chance today since the overnight Dow gained nearly 1%. If the index yet to take over the FBMKLCI, the range trading will resume. Immediate support is seen at 1436 level (SMA 50) and the immediate resistance is seen at 1453 level, followed by 1465 level.
FKLI
Need to Sustain Above 1446 Level…
Although the futures closed above the Fibonacci level of 50% (1446), will this level being held successfully for the remaining of the week, especially with the Deepavali holiday for tomorrow? Investors can initiate intraday trading during this consolidation phase and try not to have too large a position overnight while the Dow is approaching 12000 level and we are having a day of holiday tomorrow.
Immediate support is seen at 1446 level, followed by 1435 level and the immediate resistance is seen at 1477 level.
Need to Sustain Above 1446 Level…
Although the futures closed above the Fibonacci level of 50% (1446), will this level being held successfully for the remaining of the week, especially with the Deepavali holiday for tomorrow? Investors can initiate intraday trading during this consolidation phase and try not to have too large a position overnight while the Dow is approaching 12000 level and we are having a day of holiday tomorrow.
Immediate support is seen at 1446 level, followed by 1435 level and the immediate resistance is seen at 1477 level.
FCPO
Turning More Positive…
Yesterday, the FCPO closed above the Bollinger middle band and tried to take over the SMA 30 (2914 level) in the near term. If the FCPO can take over the 2920 level convincingly, the upward movement is more convinced as 2920 level will be the SMA 30 coupled with the Fibonacci level of 38.2%. Thus, immediate tough resistance is at 2920 level and investors can closely monitor this level for a clearer market direction or even any new position initiation. Immediate support is seen at 2850 level.
Turning More Positive…
Yesterday, the FCPO closed above the Bollinger middle band and tried to take over the SMA 30 (2914 level) in the near term. If the FCPO can take over the 2920 level convincingly, the upward movement is more convinced as 2920 level will be the SMA 30 coupled with the Fibonacci level of 38.2%. Thus, immediate tough resistance is at 2920 level and investors can closely monitor this level for a clearer market direction or even any new position initiation. Immediate support is seen at 2850 level.
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