Announcement:
The margin for FCPO has been reduced to RM6000 (from RM7000) per contract.
Last Done: RM2.13
The immediate tough resistance level is at RM2.15 to RM2.25 levels (SMA 20, SMA 30 & SMA 50), if these levels are able to be taken over convincingly, the stock will move further towards north and it is worthwhile for us to initiate new position for short term trading.
The strong support for the stock at the moment is RM2.00 (SMA 200 & psychological level), thus, any new position initiation/ cut loss level can take the above mentioned level as a reference level.
The immediate support is seen at RM2.00 level, followed by RM1.60 level and the immediate resistance is seen at RM2.20, followed by RM3.00 level.
FKLI
The FKLI is expected to resume its range trading of 1620 to 1655 levels (between the 2 lines drawn in the chart). 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 1655 level with stop loss level being set around 6 points away). We will only revisit our strategy provided the above mentioned level being taken out convincingly.
Within the Range… (3000 to 3165)
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 these few days. Investors can initiate long position around 3000 level (especially any level below 3000) with stop loss level being set around 2970 level.
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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