11th January, Friday (WCT)

WCT

Last Done: RM2.41

Breaking through the tough resistance at RM2.40 may indicate more upside moving forward. Investors can take a chance by accumulating the stock with stop loss level being set around RM2.20 and first profit taking level around RM2.70.

The immediate support is seen at RM2.20, followed by RM2.00 level and the immediate resistance is at RM2.70, followed by RM3.00 level.

FKLI

Hovering around 1700 Level!

The FKLI is expected to resume its range trading and build the necessary foundation to take over the 1700 level. Nothing much that investor can do except to wait patiently.

I remain positive towards the near term index in tandem with the upcoming election. The downside risk remains high at the moment with a lot of technical indicators reaching its peak, however, no major retracement are expected with the immediate support is seen at 1650 level. 

The immediate support is seen at 1680 level, followed by 1670 level and the immediate resistance is seen at 1700 level, followed by 1710 level.

FCPO

Immediate Support – SMA 30 (2370)!

The immediate important support will be at SMA 30, breaking below this level will cause the FCPO to retrace another 100 points before the next support (2270) is able to set in. Investors should closely monitor the 2370 level for any new position initiation.

It is worthwhile to take the risk by initiating long position with stop loss level being placed around 2370 level as I am in the view that the SMA 30 remains as a reliable support level.

The FCPO is expected to hover around the 300 (2300 to 2600). Provided the 2600 level (SMA 100) can be taken over convincingly, only we should see the FCPO to re-challenge the 2900 level (SMA 200). 

Not much to be expected as the FCPO will remain in the range of 2600 to 2300 level. The immediate support is seen at 2370 level, followed by 2350 level and the immediate resistance is seen at 2400 level, followed by 2500 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.