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Every Saturday (starting from 19th May 2012) I will publish an
article on Futures. Those articles will provide a better understanding for all futures investors, especially new comers in the Futures trading environment.
Last Done: RM1.05
A lot of investors are very interested to accumulate the stock as they perceive the stock as “cheap”, however, I will not encourage at the moment as the stock yet showing any turning sign. Investors will need to be more patient as further downside may be expected as the Bollinger upper and lower band remains widening with the price staying below the Bollinger middle band.
Immediate support is seen at RM1.00 level, followed by RM0.80 level and immediate resistance is seen at RM1.20 (SMA 20), followed by RM1.45 level.
FKLI
More Downside? Able to be Supported at SMA 200?
As mentioned yesterday, the last defend for the FKLI is at 1556, failure for the level to be held will attract more shortist. The immediate reliable support can only be seen at SMA 200 level. SMA 200 level is located at 1508 level, a level that is also very near to the psychological level – 1500. So, what can investors do? Investors can initiate short position with stop loss level being placed around 1540 level, however, if the index dropped below 1508 level, it may create an opportunity for investors to initiate long position with stop loss level being placed around 1496 level.
The immediate support is seen at 1508 level, followed by 1500 level and the immediate resistance is seen at 1540 level, followed by 1550 level.
Confirmation of Bears?
As mentioned, with the FCPO having high volatility, a confirmation can only be finalized if the FCPO dropped more than 100 points from the support level that we are eyeing. The same apply for the SMA 200 level (3150) that we are eyeing, it is too early for us to confirm at the moment that the above mentioned level has been taken out convincingly and bears are taking their position.
We should have our confirmation by the end of this week and we shall strategize accordingly for the coming week. Any short position should couple with stop loss level being placed around the SMA 200 level.
The immediate support is seen at 3040 level, followed by 3000 level and immediate resistance is seen at 3100 level, followed by 3150 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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