Announcement
Initially I decided to compile and publish the Q & A today (for Learn the Correct Trading Techniques Now’s class), however, there are still incoming email and further questions being asked. I decided to postpone and will only release next Monday (although is a public holiday). Whoever will like to ask further questions, please submit prior to this Friday, 6pm. I will compile and release one off.
FBMKLCI
Will 1400 Level Well Supported?
I will not speculate on the above question as I will only follow the market, however, the retracement has been confirmed after yesterday’s closed. However, I perceive this retracement as a healthy pullback (so long as the index will not trade below 1310 level). Provided the index can create a higher low, then only the firm uptrend (rather than technical rebound) can be confirmed.
I reiterate, is my style not to recommend any stock if the overall market trend is heading towards south side. However, from time to time, we will analyze certain stocks in detail for respective individual stocks’ market direction. Immediate support is seen at 1419 level and immediate resistance is seen at 1434 level (SMA 50).
FKLI
Hold on to your Short Position…
There are 2 things that investors can do:-
1) Those who are having more overnight position can choose to take the 2nd batch of profit at any level near to/ below 1400 level.
2) For those who left with not much of contracts can ride on the profit but revise your stop loss lower to 1430 level.
The retracement will resume as the weakness is confirmed and we shall have a detail analysis once the FKLI trades below the 1350 level. At this juncture, is still early to judge whether the FKLI will suffer a retracement or will fall into a bear market.
Immediate support is seen at 1410 level, followed by 1400 level and immediate resistance is seen at 1430 level.
FCPO
Remain Hovering Around the Tough Resistance Level – SMA 200 & Fibonacci Level of 38.2%!
The FCPO remains hovering around the above mentioned level without a clear direction being shown. Investors, especially risk averse investors should remain intraday trading in favor of SHORT position (especially if the FCPO is approaching 3200 level).
Immediate support is seen at 3180 level and immediate resistance is seen at 3213 level.
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