Heading towards Historical High...
As mentioned, so long as the DJIA is able to take over the 13340 level, we should see the index to move towards the historical high – 14200 level, albeit in a slower pace. The 13340 level became the immediate support for the DJIA.
For the week, the immediate support is seen at 13400 level, followed by 13340 level and the immediate resistance is seen at 13800 level, followed by 14000 level.
FKLI
The index is expected to resume its range trading of 1620 to 1655 levels and 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 cutting of losses. 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.
Ahead of the budget announcement this Friday, we should see our FKLI to be well defended and heading towards north. Thus, any level below 1640 should serve as a good level to initiate long position with profit taking around 1650 level.
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.
Final Defend – 2755 Level!
As mentioned, overall downside is expected to resume, however, if the FCPO can be defended at the above mentioned level, we should see the FCPO to rebound from the current level and heading towards north. Risk taker investors can resume initiating long position, however, with tight stop loss level (setting around 2755).
For the week, the immediate support is seen at 2755 level, followed by 2700 level and immediate resistance is seen at 2800 level, followed by 2850 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.
No comments:
Post a Comment