18th June, Friday (DJIA)

DJIA

Positive Move…

The DJIA closed convincingly above the Fibonacci level of 78.6%, indicating a firmer movement moving forward, at least for now. We should see the DJIA regain its posture above the 13000 level and head towards its historical high (14185).

For the week, the immediate support is seen at 12500 level and the immediate resistance is seen at 13000, followed by 13200 level.

FKLI

25 Points Range Resume?

It is too early at this stage to confirm, however, the index has the tendency to resume its range trading (1560 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 1570 level, followed by 1560 level and the immediate resistance is seen at 1585 level, followed by 1590 level.

FCPO

Critical Level to Look at - 2750 Level!

Since 2915 level is being taken over, the next reliable support level can only be seen at 2750 level. No matter what, the overall technical landscape remains weak at the moment and short position remains preferred at the moment.

Investors should closely monitor the above mentioned level and change strategy accordingly (if needed). If the 2750 level is not able to be supported, more downside is expected and we can only see a reliable support level at 2500 level only.

The immediate support is seen at 2750 level, followed by 2500 level and immediate resistance is seen at 2925 level, followed by 3000 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.