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Please be informed that Bursa Malaysia will be closed for tomorrow in accordance with the National Day celebration.
Last Done: RM2.69
The stock is expected to hover within RM2.50 to RM2.70 until either level is being taken out convincingly. The stock is facing with the immediate resistance at RM2.75 level (Fibonacci level of 50%), provided this level is being taken out, then the stock will head towards RM3.00 level without much problems. Investors who are having the stock should think of taking your first level of profit at current level.
The immediate support is seen at RM2.50 level, followed by RM2.40 level and the immediate resistance is seen at RM2.75, followed by RM3.00 level.
FKLI
The FKLI is expected to resume its range trading of 1620 to 1650 levels. Nothing much that investor can do except to capture on the range trading (initiate long position when the FKLI approaches 1620 level and initiate short position when the FKLI approaches 1650 level).
For risk averse investors, investors are not being encouraged to hold overnight position cause of the long weekend.
We will only revisit our strategy provided the above mentioned level being taken out convincingly.
Immediate Support – 3000 to 2980 Levels!
The immediate tough resistance for the FCPO is located at the SMA 200 only (3165 level), thus, the FCPO is expected to trade within 3040 (Fibonacci level of 23.6%) to 3160 levels (SMA 200) for these few days. Investors can initiate long position around 3040 level with stop loss level being set around 3000 level.
For risk averse investors, you may want to initiate long position around 2980 level only as the FCPO may need to close the gap set on 22nd of August before set a rebound to retest its tough resistance – SMA 200.
The immediate support is seen at 3000 level, followed by 2980 level and immediate resistance is seen at 3100 level, followed by 3160 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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