1st December 2011, Thursday (CIMB)

CIMB

Average Down at this Level?

For those investors who bought the stocks previously, especially at a price higher than the current level, the answer for the above question will be “Yes”, especially if the stock able to leap above the Fibonacci level of 23.6% and SMA 30 (RM7.15) convincingly. Immediate support is seen at RM7 and immediate resistance is seen at recent high (RM7.58).

FKLI

Uptrend Confirmed?

Regardless what made the market trending upward, we will just need to follow the market direction and our plan accordingly. With the convincing break yesterday and if the FKLI is able to be supported for today, the probability of the changing in market direction will be high.

No matter what, investors should follow your plan closely, especially any stop loss set. I shall cover in detail on the FKLI tomorrow as today market movement will provide us with a clearer near term market direction. Immediate support is seen at 1445 level and immediate resistance is seen at 1481 level, followed by 1490 level.

FCPO

Short Position More Convinced!

Further short position can be committed if the 3000 unable to be sustained! As per mentioned yesterday, if the Fibonacci level of 23.6% unable to be sustained, the FCPO might face with another round of sharp fall and trade between 3037 level to 2750 level. Investors can closely monitor the above mentioned levels.

If the 3000 level is able to be maintained, risk taker investors can take profit for your position and less with a smaller position to ride on the profit. Immediate support is seen at 3000 level, followed by 2950 level and immediate resistance is seen at 3040 level, followed by 3100 level.