Announcement:
Please be informed that there will be no daily market outlook for the coming two weeks as I will be away for my vacation, however, stocks and futures’ research report/ market outlook from our company will remain available. You can re-access to the daily market outlook starting 23rd of July. Happy trading!
Overall Strategy
Should scale up and start to take profit!
With the weak economy suffered worldwide and the unsolved Euro debt issue coupled with local political instability, investors should consider scaling up and taking profit at this level, at least for another half of your portfolio. Current downside risk is increasing and it is not worthwhile to take this kind of risk with huge invested capital committed.
Please bear in mind that “winning probability” is definitely the word that we are looking at when come to investment, if looking at current index level, upside movement is limited with huge downside risk attached to it, thus, scaling up and taking profit will be preferred at this level.
Last Done: RM1.10
Nothing much to expect from this stock provided the stock can leap above the recent high – RM1.22 level, else, we should see the stock remains in the range trading of RM1.00 to RM1.22. For those who decided to accumulate fresh position for short term trading will not be advisable as the upside is limited at the moment. For those who have initiated your position, you may consider to take your first level of profit around RM1.15.
The immediate support is seen at RM1.00, followed by RM0.95 level and the immediate resistance is seen at RM1.20, followed by RM1.50 level.
FKLI
Nothing much has changed since yesterday as the index is expected to trade within the 1600 to 1630 level for the remaining 2 days and the downside risk is definitely increasing, thus, investors will need to take extra cautious on any position initiation. Intraday trading will be encouraged at this high volatility market. Investors can take the above mentioned level and initiate position in tandem (short when the market approached 1630 level and long when the market approached 1600 level).
The immediate support is seen at 1600 level, followed by 1580 level and immediate resistance is seen at 1620 level, followed by 1630 level.
FCPO
Long Term Uptrend?
It is still at its early stage to confirm on the long term uptrend as the SMA 200 yet to be taken over convincingly. We shall have the confirmation by beginning of next week. Those investors who have initiated long position previously should consider taking your first level of profit at current level. If the 3150 level can be supported, we will see the next tough resistance level at 3220 level (Fibonacci level of 38.2%).
The immediate support is seen at 3040 level, followed by 3000 level and immediate resistance is seen at 3180 level, followed by 3220 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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