Last Done: RM3.99
The uptrend built since last year has been broken and the immediate important support at RM3.85 will need to be held to halt the further downward pressure. The current trend remains downtrend and investors are not being encouraged to accumulate position for short or even long term trading.
Those investors who are holding the stock, nothing much that you can do at this moment, either you choose to take a lower risk by cutting your position if the stock not manage to regain its posture above the RM4.00 level, else, you should just hold on to your position and take profit on any technical rebound. For those investors who yet to initiate position, we shall closely monitor the stock for opportunity to accumulate position for short term trading.
Immediate support is seen at RM3.88, followed by RM3.75 level and immediate resistance is seen at RM4.00 level, followed by RM4.25 level.
FKLI
More Upside is Expected…
After last week uncertainty in our local political environment, I am expecting more stable and firmer upward movement in FKLI for this week, albeit in a slower pace.
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.
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).
Range Trading – 3450 to 3500 Level!
Further range trading is expected and the band expected is 3450 to 3500 level, thus, investors can only remain intraday trading by taking the above band as a reference level.
As mentioned, 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.
The immediate support is seen at 3450 level, followed by 3400 level and immediate resistance is seen at 3500 level, followed by 3519 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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