29th January, Tuesday (DJIA)

DJIA

Heading towards Historical High – 14200 Level!

As mentioned, we should see the DJIA to move towards the 14000 level and re-challenge the historical high of 14200 level, albeit in a slower pace. 13000 level – remains as a reliable support level as both the SMA 200 & psychological level located.
For the week, the immediate support remains at 13800 level, followed by 13700 level and the immediate resistance is seen at 14000 level.

FKLI

Long Position – Higher Risk…

For this week, the market will be resumed in its range trading of 1620 – 1650 levels as well. Investors should look for opportunity to initiate short position instead of long position. Any long position initiation should try to avoid holding through the long weekend or long holiday. The SMA 200 (1623) & 1600 remains as a reliable support level, at least for now. However, any long position should remain your tight stop loss level, especially around the above mentioned level.
For the week, the immediate support is seen at 1620 level, followed by 1600 and the immediate resistance is seen at 1640, followed by 1650 level.

FCPO

200 Points Range…

The FCPO is expected to hover around the 200 points range (2400 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). 
The immediate important support will be at SMA 30 (2400). 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.
Not much to be expected as the FCPO will remain in the range of 2600 to 2400 levels. The immediate support is seen at 2450 level, followed by 2400 level and the immediate resistance is seen at 2500 level, followed by 2550 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.