FBMKLCI
Approaching Psychological Level + SMA 200
The KLCI is approaching 1500 level & SMA 200 level (1510), making the upward trading tougher and tougher moving forward. However, both the above levels should take as a reference levels as taking over the above level convincingly will indicate the near term uptrend will resume. Immediate support is seen at 1470 level and immediate resistance is seen at 1487 level, followed by 1491 level.
FKLI
Reaching its Upper Range – Short?
The answer will be “yes” for risk taker investors only as overall technical landscape remains uptrend without any weakness being seen. However, if risk taker investors initiated short position, this should be for short term trading and short position should only be initiated above 1500 level.
Although the immediate tough resistance is seen at 1500 level and the index will need to have more buying momentum to push through this level, however, nothing is impossible at the moment. Stop loss should be placed around 1513 level.
Immediate support is seen at 1481 level, followed by 1470 level and immediate resistance is seen at 1500 level.
FCPO
Taking Over Fibonacci Level of 23.6%?
Interesting, the FCPO is making a breakthrough at this moment and we shall have a confirmation by tomorrow. If the FCPO is really taking over the above level, it is giving investors the opportunity to initiate long position.
Investors (both risk taker and risk averse) can get ready to take a new position with the next tough resistance is only being seen at 3200 level (SMA 200 & Fibonacci level of 38.2%). Immediate support is seen at 3000 level.
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