Strong Support – 1454 Level!
The immediate strong support level remains at 1454 level and this should be the strong support level for the remaining of the year. However, the immediate strong resistance level remains at 1487 level, followed by 1500 level. Thus, the index for the rest of the year is expected to hover within the above tight range.
FKLI
Range Trading Opportunity…
Nothing much that investor can do for this consolidation phase except to wait patiently until a clear direction is shown. However, investors can easily profit from this range trading as it given us a clear level of initiation with stop loss level more easily to be identified.
Investors can remain eyeing for this range (1450 – 1487 levels) and capturing the necessary profit for the above mentioned range trading.
Immediate support is seen at 1450 level and immediate resistance is seen at 1481 level.
FCPO
Starting of the Free Fall?
As mentioned, if the 3000 level not able to be supported, the FCPO might face with a free fall situation and trade within the next range of the Fibonacci (2700 – 3000 levels). Any rebound for today might serve as a good level to initiate short position with the stop loss level being placed around 3040 level.
Immediate support is seen at 2950 level and immediate resistance is seen at 3000 level, followed by 3040 level.
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