Last Done: RM1.95
Starting of the free fall? As mentioned in my coverage on 23rd of April, if the RM2.00 is not able to be supported, investors should take your profit/ cut your losses as further retracement is expected to set in and possible of free fall for the stock until RM1.50. Investors who are holding the stock should closely monitor for these 2 days and plan according to your strategy.
Immediate support is seen at RM1.50, followed by RM1.30 and immediate resistance is seen at RM2.00, followed by RM2.25 level.
FKLI
Immediate Support – SMA 100!
Both the cash and the futures are having the support at 1556 level (SMA 100), this should be the level for us to look at at the moment. With the Europe debt yet to be settled, we are expecting more volatile market moving forward.
Whether to short or long at the moment? Long will still be preferred but please always remember to place your stop loss order accordingly. Investors can take the chance by initiating long position at any level below 1558 with stop loss level being set around 1552 level.
The immediate support is seen at 1556 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.
Immediate Support – SMA 200!
With the FCPO approaching the immediate important support level (SMA 200, 3150), this should be the level that we will need to pay extra attention.
So long as this level is well being supported, long position will be more preferred. On the other hand, if this level is not being able to be supported (trading more than 100 points below the SMA 200), am ready to change my view as further free fall is expected.
However, is early at this stage to make a firm conclusion, we shall closely monitor the development for today.
The immediate support is seen at 3150 level, followed by 3100 level and immediate resistance is seen at 3200 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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