Hovering Around SMA 30…
The index is expected to hover around the SMA 30 for the week and this level should be closely monitored by investors. Failure for this level to be held will cause the index to suffer further losses.
For the week, the range trading expected is 13000 to 13320 level. Nothing much is expected so long as the index is stuck within this range. The immediate support is seen at 13000 level and the immediate resistance is seen at 13150 level, followed by 13320 level.
FKLI
As per the chart shown, 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).
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 3000 (SMA 50 & psychological level) to 3160 levels (SMA 200) for the week. Investors can initiate long position around 3000 level (especially any level below 3000) with stop loss level being set around 2970 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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