22nd June, Friday (IJM)

IJM

Last Done: RM5.20

This stock is worthwhile to have a look at the moment as there is some turning sign being shown. So long as the RM5.20 (SMA 30) level can be held, risk taker investors can accumulate position for short term trading with stop loss level being set around RM4.95 level and first profit taking level being set around RM5.50 level.

The immediate support is seen at RM5.00, followed by RM4.60 level and the immediate resistance is seen at RM5.30, followed by RM6.00 level.

FKLI

Triple Top?

Within the year, the FKLI has tested the 1600 level 3 times (includes this round) and it is crucial for us to monitor this level closely. If this level cannot be taken out convincingly, we may see major retracement to set in. However, nothing can be confirmed at this juncture as it is still too early to make any firm conclusion.

For today, downside is definitely expected with the overnight huge losses suffered in DJIA caused by weak economic data, however, I am in the view that further minor pull back is expected as certain technical indicators have started to show some exhaustion. Thus, short position with stop loss level around 1605 level is preferred with first profit taking level to be set around 1570 level.

Immediate support is seen at 1586 level, followed by 1580 level and immediate resistance is seen at 1610 level.

FCPO

Immediate Resistance – 3040 Level!

Nothing has changed since yesterday, as mentioned, provided the FCPO can regain its posture above the 3050 level (Fibonacci level of 23.6%), then the rebound will be firmer, else, it is still being perceived as a technical rebound only. For risk taker investors, investors can initiate short position with stop loss level being set around 3050 level.

The immediate support is seen at 3000 level, followed by 2950 level and immediate resistance is seen at 3050 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.