Crucial Moment…
Tonight will determine whether the Dow is sustainable at this level and can garner the sufficient power to break through the important psychological level or not. No matter what, the DJIA will need to stay above the SMA 20 as dropping below the SMA 20 while the upper and lower Bollinger band is widening will send the index to suffer more downward trading moving forward. Investors should closely monitor the above mentioned level and take it as a reference level for any position initiation.
Immediate support is seen at 12900 level, followed by 12700 level and immediate resistance is seen at 13000 level.
FBMKLCI & FKLI
Uptrend Remains Intact…
Overall technical landscape did not change at the moment (uptrend remains intact). However, we are expecting further consolidation to set in and the index is expected to hover around the 1570 – 1600 levels to create the necessary base for the index to break through the 1600 level.
Immediate support is seen at 1566 level (SMA 20), followed by 1550 level and immediate resistance is seen at 1600 level, followed by 1630 level.
Heading Towards Fibonacci Level of 50%!
I would say yesterday breakthrough is a convincing break and the FCPO should not face with much barrier to reach the next level – Fibonacci level of 50% (3363). Investors who have initiated long position previously can either choose to take your first level of profit if the FCPO dropped below the 3300 level or only take your first level of profit when the FCPO reached 3350 level.
Immediate support is seen at 3220 level, followed by 3200 level and immediate resistance is seen at 3300 level, followed by 3320 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.
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