FBMKLCI
Sustainable?
Yesterday the FBMKLCI closed at its day’s high and sustaining above the SMA 50 level. As the index is approaching the tough resistance level at 1453, we shall have a close monitoring of the index for today and will cover a detail analysis in my next Tuesday’s report.
Investors should be cautious as the US market will resume after a day off for Thanksgiving celebration. Market should remain volatile for today ahead of the long weekend.
Immediate support is seen at 1433 (SMA 50) and immediate resistance is seen at 1453 level (Fibonacci level of 50%).
Remarks: Market will be closed on Monday (28th November 2011) in accordance with the Awal Muharam’s celebration.
FKLI
Initiate Short Position?
I would say “yes” with the stop loss level being placed around 1455 level as the probability of trading towards south is higher. Yesterday upward trading, especially during the 11th-hour was mostly cause by short covering. Besides, with the important resistance level at 1445 – 1450 levels (Fibonacci level of 50%), I would say that the resistance is considered tough at the moment.
Immediate support is seen at 1429 level (SMA 50) and immediate resistance is seen at 1450 level.
FCPO
Ready to Initiate Further Short Position…
Investors can initiate further short position if 3090 (SMA 20) is convincingly being taken over as the downtrend may resume until 3040 level or even breaking below the 3000 level. For risk takers investors, investors can just hold on to your short position and get ready to initiate further short position if the 3090 level is being taken over convincingly (however in a smaller scale).
Immediate support is seen at 3090 level, followed by 3040 level (Fibonacci level of 23.6%) and immediate resistance is seen at 3150 level.
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