FBMKLCI
Reliable Support? – SMA 50
The KLCI is trying to support above the SMA 50 (1434 level), however, investors should take extra cautious as this is not a strong support level. Strong support level can only be seen at 1400 – 1380 levels. Overall, the market remains in retracement stage with the immediate support is seen at 1434 level, followed by 1419 level (Fibonacci level of 38.2%). Immediate resistance is seen at 1453 level.
FKLI
Regain its Posture Above SMA 50?
FKLI is currently trading below the SMA 50, different from its underlying (trading above the SMA 50). Will the futures able to regain its posture above the SMA 50 or it is indicating that the underlying will follow suit and trade below the SMA 50 before the end of the week? The answer will be released by the end of today as it should give us a confirmation today.
What should investors do? Investors can remain riding on the profit and keep your stop loss level at 1430 level. For intraday investors, the range for trading will be 1410 – 1430 level.
FCPO
Immediate Tough Resistance – 3211 Level!
There is some weakness that might indicate the immediate tough resistance level at SMA 200 is formidable and we shall get the confirmation before the end of the week. For risk taker investors, this may provide you with the opportunity to initiate your short position (for mid-term trading) when the FCPO stages a rebound today in accordance with the overnight surged in soyoil, especially any level above 3200 level.
For risk averse investors, investors should remain intraday trading in favor of short position. Immediate support is seen at 3180 level and immediate resistance is seen at 3211 level.
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