Last Done: RM2.95
Since a lot of questions being issued on this stock, let us look at the stock today. Whether the dust has settled down? Basically, the stock is trading deep into oversold territory and technical rebound is expected. However, for risk averse investors, this should not be the level for you to initiate any position as the price remains below all the simple moving average and the downside risk remains high.
For risk taker investors, we are in the view (from both fundamental and technical perspective) that this is overdone and can be served as a level to initiate position with stop loss level being placed around RM2.75 level and first profit taking level being set around RM3.15 level.
The immediate support is seen at RM2.70 and the immediate resistance is seen at RM3.00, followed by RM3.30 level.
FKLI
We are still in the view that the 1600 will be a reliable support level, at least for now. This should serve as a good reference level for any new position initiation and cut loss level. The 1600 is considered as a strong support level as it is the psychological level, the uptrend line (green line) and the SMA 100 level.
Thus, any drop near to 1600 level is worthwhile for investors to take a risk and initiate long position with stop loss level being set around 1590.
The immediate support is seen at 1600 level, followed by 1580 level and the immediate resistance is seen at 1620 level, followed by 1640 level.
Immediate Support – 2836 Level!
The short term downside trading is confirmed as the FCPO is trading below its SMA 20. More south trading is expected with the immediate reliable support is seen at 2836 level only. Provided the FCPO can leap above SMA 20, we will only change our upside target. This level should serve as a good reference level for any position initiation (initiate long position when the FCPO approached this level with stop loss level being placed around 20 points lower).
The immediate support is seen at 2900 level, followed by 2840 level and immediate resistance is seen at 2970 level, followed by 3000 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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