Last Done: RM5.73
Starting of the Uptrend?
We cannot confirm that this is the start of the upward trading, however, the rebound will definitely set in as the stock is trading into oversold territory. A lot of the technical indicators are pointing towards short term rebound, at least for now with the immediate tough resistance is seen at RM6.40 – RM6.50 levels (Fibonacci level of 50%, SMA 100 & SMA 200).
The immediate support is seen at RM5.60, followed by RM5.25 level and the immediate resistance is seen at RM6.00 level, followed by RM6.50 level.
FKLI
1600 Level – Remains as a Reliable Support!
As mentioned, the 1600 level (SMA 200 & psychological level) remains as a reliable support level. I am still in the view that it is worthwhile to take the risk by initiating long position with stop loss being placed around 1590 level and first profit taking level around 1620 level.
The immediate support is seen at 1600 level, followed by 1590 level and the immediate resistance is seen at 1615 level, followed by 1620 level.
FCPO
Approaching the Lower Band of the Range – 2250 Level!
Investors who have shorted the FCPO previously should consider to take your profit when the FCPO approaching the lower band of the range that we are looking – 2250 level! The 2215 level (recent low) remains a reliable support level, at least for now. It is worthwhile to take a risk and initiate long position if the FCPO is trading near to this level.
The immediate support is seen at 2250 level, followed by 2200 level and the immediate resistance is seen at 2350 level, followed by 2400 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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