11th June, Monday (DJIA & FBMKLCI)

DJIA

Immediate Challenge – 12600 Level!

Provided the above mentioned level being taken over convincingly, else, the index will not able to move towards 13000 level and not much to be expected. The index is expected to hover around this level for the week ahead of the important events next week.

For the week, the immediate support is seen at 12250, followed by 12000 level and the immediate resistance is seen at 12800 level, followed by 13000 level.

FBMKLCI & FKLI

Expected Range – 1550 to 1585 Levels!

Nothing much has changed from last week as the index resumes its range trading that we are eyeing (1550 to 1585 levels). Investors can only capture on the range trading (short when the FKLI approaches 1585 level and long when the FKLI approaches 1550 level).

Provided the 1585 level can be taken over convincingly, then, we will expect the FKLI to re-challenge the historical high, else, not much to be expected from the FKLI. Any long position should couple with tight stop loss level.

For the week, the immediate support is seen at 1550 level, followed by 1540 level and the immediate resistance is seen at 1580 level, followed by 1590 level.

FCPO

Downside Risk Remains High!

As mentioned last week, the overall technical landscape for the FCPO remains weak at the moment with the FCPO trading below those SMAs and yet to regain its posture above the Fibonacci level of 23.6%. However, the recent low (2925) remains as the important support level, at least for now. Any long position should couple with stop loss level around 2925 level. Short position remains preferred at the moment with stop loss level being set around 3050 level.

For the week, the immediate support is seen at 2925 level, followed by 2800 level and immediate resistance is seen at 3040 level, followed by 3100 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.