Last Done: RM1.93
The stock is showing a strong upward trading sign, however, for risk averse investors, any position accumulation should be above RM1.90 to RM2.10 level (SMA 200, SMA 100, psychological level & Fibonacci level of 23.6%) as the uptrend will be more convincing. Any position initiation should set stop loss level around RM1.80.
The immediate support is seen at RM1.80 level, followed by RM1.55 level and the immediate resistance is seen at RM2.10 level, followed by RM2.50 level.
Range Trading Resume… (1670 to 1640 Levels)
Nothing has changed since yesterday as the index is expected to hover around the 1640 level to 1670 level for the remaining of 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 1670 level (recent high), followed by 1680 level.
FCPO
Immediate Resistance – SMA 30!
The immediate resistance is seen at 2600 level (SMA 30) to 2640 level (Fibonacci level of 23.6%), if the mentioned level can be taken out, the FCPO will be heading towards 2900 level. Those who have initiated long position previously can take your first profit taking level around RM2600 level with stop loss being revised higher to 2500 level. Current level, long position will be preferred.
The immediate support is seen at 2500 level, followed by 2450 level and the immediate resistance is seen at 2600 level, followed by 2640 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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