Last Done: RM1.80
Although the stock has staged a strong rebound last Friday, however, the immediate tough resistance is located at RM1.90 to RM2.00 level (psychological level & SMA 100 level), thus, risk averse investors should not accumulate position for short to mid-term trading. Investors should only accumulate position if the stock managed to take over RM2.00 level convincingly.
The immediate support is seen at RM1.65 and the immediate resistance is seen at RM2.00, followed by RM2.10 level.
FKLI
The index is expected to resume its range trading of 1620 to 1655 levels, at least for the week. 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.
For the week, the immediate support is seen at 1620 level, followed by 1600 level and the immediate resistance is seen at 1640 level, followed by 1655 level.
Range Trading…
The short term range trading will be 2900 to 3040 levels, whereas mid-term range trading will be 2835 to 3170 levels. The above range mentioned should be taken as a reference level for any new position initiation and placing of stop loss level (initiate long position when the FCPO approached the lower band of the range and initiate short position when the FCPO approached the upper band of the range).
For the week, the immediate support is seen at 2900 level, followed by 2840 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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