16th January, Wednesday (mRCB)

MRCB

Last Done: RM1.57

The stock is facing with its immediate tough resistance at RM1.70 – RM1.75 levels. As long as the above mentioned levels not able to be taken over, nothing much that investor can do. The stock will be hovering within the tight range of RM1.50 to RM1.70.

The immediate reliable support is seen at RM1.50 and the immediate resistance is seen at RM1.70 level, followed by RM1.90.

FKLI

Heading towards 1700 Level!

There is a chance that the index will leap above the 1700 level before the end of the week. I remain positive towards the near term index in tandem with the upcoming election. However, any long position should only set in after the 1700 level being taken over convincingly.

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!

The immediate important support will be at SMA 30 (2367), 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.

I am still in the view that it is worthwhile to take the risk by initiating long position with stop loss level being placed around 2350 level as 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 2450 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.