Next Resistance – 11900 to 12000 Levels!
The Dow took over the 11600 level convincingly but faced with another level of resistance – Fibonacci level of 61.8% (11900 level), followed by the psychological level of 12000. The Dow will have an uphill task for the coming 1 week and this serve as the important reference level for now. Immediate support is seen at 11600 level.
We shall look at UEM Land for tomorrow since there are some questions on this stock.
FKLI
Confirmation for Today…
We shall have a firm confirmation by the end of today of whether the FKLI will take over the Fibonacci level of 50% (1446) convincingly. As per mentioned, if this level is being taken over convincingly, the upward trading is more convinced and the index is expected to trade within the next band (1446 – 1482 levels).
At this juncture, investors are being advised to resume intraday trading or short term trading (less than 3 days) until a clear direction being formed.
FCPO
Make a Return?
The FCPO closed above the Fibonacci level of 38.2% (2919) and stayed above the Bollinger band. Investors may look into accumulating long position with the stop loss level being placed slightly below 2900 level. Immediate resistance is seen at 3000 level.
For risk averse investors, investors can choose to initiate fresh position once the FCPO taken over the 3000 level and place the stop loss level around 2850 level.
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