Immediate Important Support – 13300 Level!
Nothing has changed from last week as overall uptrend for the index remains intact with the immediate important support is seen at 13300 level (SMA 200 & psychological level), 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.
Approaching 1700 Level in a Slower Pace…
As mentioned, if the 1670 level not manages to be supported, the index is expected to hover around the 1640 level to 1670 level. At current stage, the mid to long term uptrend remains intact with the next reliable support level is seen at 1633 level as both the uptrend line and SMA 100 being located.
For the week, the immediate support is seen at 1650 level, followed by 1633 level and the immediate resistance is seen at 1670 level, followed by 1690 level.
FCPO
Hovering around the SMA 30…
The FCPO has been hovered around the SMA 30 for the past one week and this will resume until a convincing break takes place.
As mentioned, 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. For this week, we should see the FCPO to hover within 2450 to 2650 level (Fibonacci level of 23.6%).
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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