FBMKLCI
Immediate Important Support – SMA 200!
The immediate important support will be SMA 200 (1625), a level that never being taken over for the past one year. If the SMA 200 level will not able to be supported, more downside trading is expected.
No matter what, yesterday drastic dropped (dropping below SMA 20, 30, 50 & 100) has created the negative sentiment towards the market and I am expecting the situation to resume. This might be the starting of the downward pressure and investors will need to pay extra cautious.
Investors who are holding position are being advised to take your profit on any technical rebound as it is not worthwhile to carry your position with high political risk. As usual, I will not predict the market direction and also how major will be the downward trading. We should only follow the movement and trade accordingly will do.
The immediate support will be 1625, followed by 1600 level (psychological level).
FKLI
Short Position will be Preferred!
Having to say, we should monitor the movement of the market for another day to determine the market direction. As covered in the FBMKLCI above, the negative sentiment is definitely in place as majority of the moving averages have been taken out. Thus, investors should take extra cautious and monitor closely on the SMA 200 level – 1622! Failure for this level to be supported should see more downside ahead.
The immediate support is seen at 1622 level, followed by 1600.
FCPO
Immediate Reliable Support – SMA 30!
Nothing has changed as the immediate important support will be at SMA 30 (2378), 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.
No comments:
Post a Comment