Last Done: RM6.01
Hovering around SMA 50…
The stock is expected to hover around SMA 50 and this should serve as an important reference level. SMA 50 (RM6.05) is a reliable support level as it has been well supported for the past one year. Investors should closely monitor the current level, any drop below the mentioned level might trigger retracement to set in.
The immediate support is seen at RM6.00, followed by RM5.40 level and the immediate resistance is seen at RM6.40, followed by RM7.00 level.
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 1630 (from 1620 level) as both the uptrend line and SMA 100 level being located.
The immediate strong support is seen at 1670 level, followed by 1650 level and the immediate resistance is seen at 1680 level, followed by 1690 level.
FCPO
Immediate Target - SMA 30…
As mentioned, provided the SMA 30 (2555) can be taken over convincingly, else, we should see the FCPO to hover within 2450 to 2650 level (Fibonacci level of 23.6%).
Successfully taking over the SMA 30 will see the FCPO to head towards 2900 level. At current level, long position still will be preferred, especially those holding for mid to long term trading.
The immediate support is seen at 2500 level, followed by 2450 level and the immediate resistance is seen at 2600 level, followed by 2650 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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