13000 Level – Sustainable?
With the expectation on both Fed and ECB to react this week, the DJIA should be able to support above the 13000 level convincingly. However, the next tough resistance level is only 300 points from current level (13320 level). The DJIA may hover within the 13000 to 13320 level for the remaining of the week.
For the week, the immediate resistance is seen at 13250 level, followed by 13320 level and the immediate support is seen at 13000 level, followed by 12500 level.
FKLI
For this week, we are expecting the FKLI to hover within the above mentioned range. Overall mid to long term uptrend remains intact, thus, any short position should be for short term trading.
Not much to expect from the market as the index will trade in a tight range trading (within 1620 to 1650 levels), investors can take the above levels as a reference level for any fresh position initiation (initiate long position when the FKLI approaches 1620 level and initiate short position when the FKLI approaches 1650 level).
FCPO
Range Trading – 2850 Level to 3050 Level!
The FCPO has an uphill task, the two most important support levels (2835 & 2750) need to be defended, else, we shall see the FCPO to resume its downward trading. At the moment, the FCPO is expected to trade within the range of 2850 to 3050 levels.
Any fresh position initiation should take the above mentioned level as a reference level (long when the FCPO approaches 2850 level and short when the FCPO approaches 3050 level).
For the week, the immediate support is seen at 2850 level, followed by 2750 level and immediate resistance is seen at 3000 level, followed by 3040 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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