3rd February 2012, Friday (Wah Seong)

Announcement:-

Bursa will be closed on next Monday (6^th February 2012) & Tuesday (7^th February 2012) in tandem with the celebration of Prophet Muhammad’s Birthday & Thaipusam.

Wah Seong

Last Done: RM2.13

The stock is currently approaching the SMA 200 level, if this level (RM2.15) can be taken over convincingly, investors can accumulate position for short term trading with the stop loss level being placed around RM2 and first profit taking level at RM2.30.

Immediate support is seen at RM2.10 level, followed by RM2 level and immediate resistance is seen at RM2.16 level, followed by RM2.25 level.

We will look at FBMKLCI next Wednesday as the index took over the range trading that we are eyeing for the past 1 month.

FKLI

Sustainable Breakout?

The cash took over the important resistance level that we are looking for for the past one month and will the futures follow in tandem? I will not guess on this as this will not be part and parcel in trading environment. What investors can do is closely monitor this level and adjust your position accordingly.

Those who have initiated your position around the 1500 level, you can hold on to your remaining position. For those risk taker investors that wanted to initiate a fresh position, you can still take a chance to initiate short position when the index approaching the upper band of the range trading (1500 – 1532 level) but keep your stop loss tight – around 1535 level.

Provided the 1532 level is being taken over convincingly, the index will stuck in the tight range trading. Immediate support is seen at 1510 level and immediate resistance is seen at 1532 level (Fibonacci level of 78.6%).

FCPO

Accumulate Long Position?

The FCPO is trying to sustain above the Fibonacci level of 23.6% and this will be the immediate important support level. Falling below this level will indicate a confirmed downward trading with a reliable support level can only be seen at the recent low (2752 level).

For risk taker investors, it is worthwhile to take a chance and initiate long position, especially any level below 3038 with stop loss level being placed around 3020 level.

Immediate support is seen at 3050 level and immediate resistance is seen at 3117 level, followed by 3130 level.

Disclaimer:

The information herein was obtained or derived from the source that I believed are reliable. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute my judgment as of this date, not an invitation to buy and are subject to change without further notice.