Last Done: RM1.87
Investors who are holding the stock should take extra cautious as this might be the starting of the downward pressure. The stock dropped below the SMA 100 and the important psychological level (RM2.00) convincingly is sending a strong signal to investors that the further downward trading is setting in. Investors who are holding the stock should consider taking your profit or cutting your losses at current level.
The immediate support is seen at RM1.70 level, if this level is not being supported, more major retracement is expected to set in.
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.
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
Searching for Opportunity to Initiate Long Position…
Nothing has changed since yesterday, I am still in the view that 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.
The immediate support is seen at 2400 level, followed by 2350 level and the immediate resistance is seen at 2500 level, followed by 2550 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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