FBMKLCI
The End of Budget Rally?
Our PM will table the budget in the parliament this afternoon, will our index resume its upward trading? No one will know how the market will move. However, historically, only the year of 2008 recorded a surge after the budget announcement, remaining of the years were suffering retracements in the market after the budget being announced. We shall have a close monitoring of the market next week to determine our trading strategy.
At the moment, the immediate resistance remains at 1404 level, if this level is being taken over convincingly, the chances for the upward trading to be resumed is higher. Immediate support is seen at 1380 level, followed by 1350 level.
CIMB stock & some of the stocks broke through the Bollinger middle band with some turning signal, I shall do a detail analysis on those stocks in my weekly market outlook to understand whether we can accumulate those stocks for trading or not.
FKLI
Start to Short?
The answer is “not yet”! Today will be a volatile market, risk taker investors can only initiate short position if the 1400 level is not convincingly being taken over. For risk averse investors, investors should remain sideline until next Monday for a clearer market direction.
Immediate resistance is seen at 1400 level, followed by 1410 level. Immediate support is seen at 1380 level, followed by 1366 level.
FCPO
Consolidation…
Overall technical landscape never change since last Friday – downside bias. However, the FCPO may trade in a tight range trading and will try to consolidate above the 2800 level for today after the recent sharp dropped. For overall view, you can get it from yesterday’s report (below). Immediate support is seen at 2800 level, followed by 2750 level and immediate resistance is seen at 2850 level.
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