Uptrend Intact…
Starting of the week, we should look at all the important indices to gauge the market. The DJIA’s uptrend remains intact as the index stayed above the uptrend line and the SMA. Further upward moving is expected with the strong and tough resistance is only being seen at historical high – 14200 level.
For the week, the immediate support is seen at 13000 level, followed by 12500 level and immediate resistance is seen at 13500 level.
FBMKLCI & FKLI
Rebound? Further Downward Pressure?
We should closely monitor the current level for this week as we should get a clearer picture before the end of the week. I will remain my view that long position is more preferred at the moment. For mid to long term trading, any level below 1550 level should serve as a good level to accumulate long position.
For the week, the immediate support is seen at 1560 level, followed by 1545 level (strong and reliable level) and the immediate resistance is seen at 1580 level, followed by 1590 level.
Monitor Closely @ 3500 Level!
It is important for the FCPO to stay above the 3500 level and I will maintain my view that if 3500 level is able to be sustained, it is a good level to initiate long position with stop loss level being set around 3470 level. This is a level that worthwhile to take a risk.
For the week, the immediate support is seen at 3450 level, followed by 3400 level and immediate resistance is seen at 3519 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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