29th October, Monday (DJIA)

DJIA

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.

The index is expected to hover within 13000 to 13600 for the remaining of the month. 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.

FKLI

Slowly Heading Towards 1700…

As mentioned, if the FKLI managed to take over the 1670 level convincingly, we should see the index to head towards 1700 level, albeit in a slower pace. However, if the 1670 level not manages to be supported, the index is expected to hover around the 1640 level to 1670 level. 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 1680 level, followed by 1700 level.

FCPO

More Upside…

For the week, the FCPO is expected to trade towards north as both the SMA 20 & SMA 30 have been taken out convincingly. The immediate resistance is seen at 2650 level (Fibonacci level of 23.6%). As mentioned, so long as the SMA 20 is taken over, the FCPO is expected to trade towards 2900 level. At current level, long position still will be preferred.

For the week, the immediate support is seen at 2500 level, followed by 2450 level and the immediate resistance is seen at 2650 level, followed by 2750 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.