Immediate Important Support – 13300 Level!
Nothing has changed from last week as overall uptrend for the index remains intact with the immediate support is seen at 13300 level (SMA 50), failure for this level to be held will cause the index to retreat to 13000 level. The index is expected to challenge the historical high (14200) albeit in a slower pace.
For the week, the immediate support is seen at 13300 level, followed by 13000 level and the immediate resistance is seen at 13500 level, followed by 13600 level.
Upside Trading Remains Intact…
The overall uptrend remains intact, albeit in a slower pace. However, the index is expected to hover around the 1640 level to 1665 level for the week. The reliable support level has been revised higher to 1620 (from 1600 level) as both the uptrend line and SMA 100 level being located.
For the week, the immediate strong support is seen at 1640 level (SMA 20 & SMA 50), followed by 1630 level and the immediate resistance is seen at 1665 level, followed by 1680 level.
FCPO
Starting of the Uptrend?
The FCPO pulled back more than 100 points last Friday and closed at 2500 level. Will this be the starting of the rebound? Will this be the current immediate support? It is still at its early stage to make a firm decision, however, if the FCPO managed to trade above the SMA 20 (2570 level), investors should take the opportunity to initiate long position with stop loss level being set around 2550 level.
For the week, the immediate support is seen at 2450 level, followed by 2350 level and the immediate resistance is seen at 2570 level, followed by 2700 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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