Top Glove
This should not serve as a level for investors to accumulate position as the stock not even manages to take over the SMA 20. This may be a temporary technical rebound only, thus, investors will need to pay extra attention at the current level.
Besides, there are two tough resistances that the stock is about to face, first is being located at RM4.60 (SMA 30 & Fibonacci level of 50%) and second level is being located at RM4.75 (SMA 100, SMA 200 & Fibonacci level of 61.8%), thus, those risk taker investors who wanted to have the stock will need to think twice and accumulate position for short term trading only.
We will look at UEM Land next Monday as the stock is showing some obvious weakness that attract our attention.
FKLI
The FKLI is expected to resume its tight range trading (1584 – 1600), at least for today as not much cue from the overnight DJIA.
I will remain my view that any weakness should serve as an opportunity to accumulate long position with stop loss level being set around 1580 level.
The immediate support is seen at 1584 level (SMA 30), followed by 1570 level (SMA 50) and the immediate resistance is seen at 1600 level, followed by 1620 level.
Supporting above the SMA 30?
It is showing some signals that the FCPO may able to support above the SMA 30 and re-challenge the 3500 level. This level may serve as a good level to initiate long position with stop loss level being set around 3450 level and first profit taking level being set around 3500 level.
The immediate support is seen at 3450 level, followed by 3400 level and immediate resistance is seen at 3505 level, followed by 3550 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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