Last Done: RM3.65
I am seeing the opportunity to accumulate the stock for short term trading as the stock is taking over the SMA 200 (RM3.60) with stop loss level being set around RM3.50 and first profit taking level being set around RM3.87 level.
Immediate tough resistance is at RM4.00 level, followed by RM4.20 and immediate support is seen at RM3.40, followed by RM3.00.
FKLI
Provided the above mentioned level can be taken over convincingly, else, we should see the FKLI to trade within the band of 1565 to 1585 levels.
I will remain my view that long position is more preferred at the moment. Any weakness should serve as another opportunity for us to initiate long position with stop loss level being set around 1565 level as the probability for the index to trade above the 1600 level remains high.
The immediate support is seen at 1560 level, followed by 1545 level (strong and reliable level) and the immediate resistance is seen at 1586 level (SMA 20, SMA 30 & SMA 50), followed by 1600 level.
FCPO
Rebounding at Fibonacci Level of 50%?
As overnight soyoil surged more than 1%, we are expecting the FCPO to follow in tandem and this may be the opportunity for FCPO to stage a rebound at the Fibonacci level of 50% (3364). No matter what, we should monitor closely on the above mentioned level and get ready to initiate long position with stop loss level being placed around 3345 level and first profit taking level at 3395.
The immediate support is seen at 3300 level, followed by 3250 level and immediate resistance is seen at 3364 level, followed by 3400 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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