FBMKLCI
Slow Movement…
The KLCI is expected to resume its tight range trading of 1453 – 1487 levels for another week with the immediate strong support is seen at 1453 level (SMA 50 & Fibonacci level of 50%). Provided the above level is being taken over convincingly, else, the index will resume its boring trading session for the remaining of the year.
Immediate support is seen at 1453 level and immediate resistance is seen at 1464 level (SMA 100), followed by 1475 level.
FKLI
Lower Band of the Range…
The FKLI again will test the lower band of the range trading (1450 – 1490 levels), this will give a clearer indication for investors to initiate position, especially any level below 1450. It is worthwhile to give it a try for long position initiation with stop loss level being placed around 1442 level. I reiterate, risk averse investors should remain holding intraday position only. Immediate support is seen at 1459 level, followed by 1450 level and immediate resistance is seen at 1470 level, followed by 1481 level.
FCPO
Uptrend confirmed?
It is too early to answer the above question as the FCPO just took over the Fibonacci level of 23.6% yesterday. We shall have a confirmation by the end of the day. The FCPO might start another different range of trading (within 3000 – 3100 levels) for the remaining of the year. Thus, investors can initiate long position when the FCPO is trading near to 3000 level and initiate short position when the FCPO is trading near to the 3100 level.
Immediate support is seen at 3000 level, followed by 2980 level and immediate tough resistance is seen at 3100 level.
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