FBMKLCI
Immediate Resistance – 1453 Level!
The index will need to take over the 1453 level to avoid itself from creating a lower high. Besides, sustaining above the 1453 level will give the index a higher probability that it will take over the SMA 20 in the near future, else, the index will resume its downward trading.
Immediate support is seen at 1433 level, followed by 1420 level and immediate resistance is seen at 1453 level, followed by 1460 level.
I shall cover CIMB stock tomorrow as this may be the starting of the rebound after recent dropped.
FKLI
Breaking above SMA 20?
The FKLI unable to sustain above the SMA 20 yesterday and closed lower, I will not say that the futures will not able to take over the SMA 20, however, the chances will be slimmer. Risk taker investors should remain initiating short position (even for intraday) for any level above 1450 with stop loss level being set around 1460 level.
Immediate support is seen at 1429 level, followed by 1410 level and immediate resistance is seen at 1445 level, followed by 1455 level.
FCPO
Confirmation by the end of Today…
We shall have a confirmation at the end of today for the near term direction of FCPO as the FCPO has been trading below the SMA 20 for the past 2 days. My opinion will skew towards short position, especially if the FCPO is trading near to the SMA 20. Risk taker investors should remain your short position.
Immediate important support level is seen at 3040 level, if this level is not able to be sustained, the FCPO may have another round of sharp fall and trading between the Fibonacci ranges of 23.6% to the recent low. Immediate resistance is seen at 3100 level.
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