Last Done: RM6.99
Convincing Break?
The stock showed a clear breakout yesterday after recent consolidation (around the Fibonacci level of 78.6%). However, will this sustain? If the stock can break through the RM7.00 level, the uptrend will be more convinced. For those investors who are having the stocks, you can consider to have your first profit taking level at current level.
The immediate support is seen at RM6.70 level, followed by RM6.30 and the immediate resistance is seen at RM7.20, followed by RM7.50.
FKLI
Range Trading to Resume – 1650 to 1620 Levels!
Nothing much can be expected as the index will resume its 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).
We will revisit our strategy provided the above mentioned level being taken out convincingly.
Range Trading Resume – 2850 to 3050 Levels!
At current level, even the 3000 level will remain tough for the FCPO as both the SMA 20 & psychological level is around this level. At the moment, the FCPO is expected to remain in the range trading 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).
The immediate support is seen at 2850 level, followed by 2750 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.
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