KLCI
Dust Has Been Settled Down…
It will be easier for us to analyze the market once the dust has been settled down yesterday. According to the analysis of Japanese Candlestick, the candle formed yesterday is a bearish indication. However, putting a side of the candlestick formed yesterday, the 1487 level (Fibonacci level of 61.8%) seems remain formidable at the moment.
Overall technical landscape remains negative at this juncture and the index may suffer further downtrend, especially if the SMA 20 is not able to be supported. I will cover a detail analysis in my next weekly market outlook as the movement of the KLCI today shall give us a firm market direction for the near term.
Immediate support is seen at 1463 level (SMA 20) and immediate resistance is seen at 1487 level, followed by 1500 level (SMA 200).
FKLI
Skewed Towards Short Position…
With the underlying facing tough resistance at 1500 level, any level near to the 1500 should serve as a good level to initiate short position with stop loss level being placed around 1510 level. Immediate support is seen at 1482 level, followed by 1460 level and immediate resistance is seen at 1500 level (SMA 200).
FCPO
Important Reference Level – Fibonacci Level of 23.6% & SMA 30!
The FCPO is hovering around the Fibonacci level of 23.6% (3037) & SMA 30 (3044) and seems able to be supported above the SMA 30 level. Confirmation shall be set in today and if this level is well supported, investors can initiate long position with stop loss level slightly below the 3037 level. Immediate support is seen at 3037 level, followed by 3000 level and immediate resistance is seen at 3100 level.
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