Have a nice weekend ahead! Those who are attending my class, see you tomorrow.
FBMKLCI
The Starting of Downward Trending?
The FBMKLCI for the first time (after a month of surging above the SMA 20) is trading below the SMA 20, we should have a confirmation today on whether the weakness has set in and I shall cover in my next Monday’s weekly market outlook.
Will this be the end of the technical rebound? Shall we start to look at selling the individual stock? I shall cover the above question during my next weekly market outlook. Immediate support is seen at 1453 level and immediate resistance is seen at 1468 level.
FKLI
Short Position – In Favor…
More convince short position! With the underlying trading below the SMA 20, our short position will be more convince at the moment. We shall stick to our initial plan – take first batch of profit around 1450 level and let the remaining position to ride on the profit (if the 1450 level being taken over convincingly).
Immediate support is seen at 1445 level and immediate resistance is seen at 1464 level.
FCPO
Crucial Moment…
The FCPO went all the way up and trading above the 3250 level but closed below the important and tough resistance level – 3217 level (SMA 200 & Fibonacci level of 38.2%). Investors should closely monitor this level and take this level as a reference level for any new position initiation.
What should investors do? I will prefer short position rather than long position at this level and stop loss point can be placed at recent high – 3266 level.
Immediate support is seen at 3200 level, followed by 3180 level and immediate resistance is seen at 3217 level, followed by 3250 level.
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