19th November, Monday (DJIA)

DJIA

Immediate Support - 12550 Level? (78.6%)

As mentioned, if the important support level – 13000 is not able to be supported, we should see the index to retrace further with the next reliable support level is being seen at 12500 level only (Fibonacci level of 78.6%).

The index is expected to consolidate around the 12500 level and failure for this level to be supported will cause the index to retreat further to 12000 level.

Currently, we can see the bears gathering and if the index is not able to regain its posture above the SMA 200 in the near term, the starting of the long term bearish market will be confirmed.

For the week, the immediate support is seen at 12500, followed by 12000 and the immediate resistance is seen at 13000, followed by 13200 level.

FKLI

Reliable Support – SMA 200!

Since the FKLI is convincingly taking over the SMA 100 level, it comes to the next reliable support level that we are eyeing thus far – 1600 level (SMA 200 & psychological level).

Not much that investors can do at the current level except to wait until the index drop near to/ below the 1600 level and start to accumulate long position.

For the week, the immediate support is seen at 1600 level, followed by 1580 level and the immediate resistance is seen at 1636 level, followed by 1650 level.

FCPO

Re-Challenge SMA 30?

The FCPO came back to re-challenge the SMA 30 and will this level being taken over? It is too early at this moment to know the outcome, however, we can divide the current trading to 2 bands (2250 to 2450 & 2450 to 2650). Above mentioned bands can be taken as a good reference level for any position initiation with tight stop loss being placed around the mentioned level.

For the week, the immediate support is seen at 2400 level, followed by 2300 level and the immediate resistance is seen at 2450 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.