Important Support Level – 13000!
Last Friday, the DJIA tumbled nearly 200 points as the weakness in payrolls triggered the selling momentum. However, the overall uptrend remains intact at the moment with the immediate important support level is seen at 13000 (SMA 20 & the uptrend line). So long as this level is managed to be supported, further upward trading is expected.
For the week, the immediate support is seen at 13000, followed by 12800 level and immediate resistance is seen at 13200, followed by 13300 level.
FBMKLCI
Weekly Target – 1600 Level!
The overall technical landscape for the underlying (FBMKLCI) is more positive compare to the FKLI with the index closed above the SMA 50 that we are eyeing off. The immediate support for the index is at the 1483 level. Any weakness for the week should serve as a good opportunity to accumulate some stocks for short term trading.
For the week, the immediate support is seen at 1580 level, followed by 1565 level and the immediate resistance is seen at 1600 level, followed by 1610 level.
FKLI
Without Hesitation – Heading towards 1600 Level!
Without hesitation, am still eyeing for the 1600 level as further upside is expected for the FKLI. I will remain my view that long position is more preferred at the moment. Any weakness for today should serve as another opportunity for us to initiate long position with stop loss level being set around 1565 level.
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 1586 level (SMA 20 & SMA 30), followed by 1600 level.
Either 3350 or else 3200 Level!
Yet to see any turning signal from the downward pressure, this week will be the crucial week for the FCPO as the immediate important support is at 3350 level (Fibonacci level of 50%), failure for this level to be supported will cause free fall for the 3350 until 3200 level. If this level is being able to be supported, we shall get ready to look at the FCPO to stage a rebound at the current level and we can get ready to accumulate long position.
For the week, the immediate support is seen at 3350 level, followed by 3200 level and immediate resistance is seen at 3400 level, followed by 3500 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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