7th January, Monday (DJIA)

DJIA

Heading towards 13600 Level!

13000 level – remains as a reliable support level as both the SMA 200 & psychological level located. As mentioned, so long as this level is able to be supported, more upside is expected with the tough resistance is seen at 13600 level only. We should see the DJIA to move towards the 13600 level and re-challenge the historical high of 14200 level. 

For the week, the immediate support remains at 13200 level and the immediate resistance is seen at 13500 level, followed by 13600 level.

FKLI

Hovering around 1700 Level!

It will take time for this level to be taken out and nothing that investors can do except to wait patiently for the breakout. I remain positive towards the near term index in tandem with the upcoming election and in the view that the 1700 will be taken over.

The immediate tough resistance for the FKLI is located at 1700 level, thus, investors who are holding long position should consider taking your first level of profit around current level. The downside risk is high at the moment with a lot of technical indicators reaching its peak, however, no major retracement is expected with the immediate support is seen at 1650 level. 

For the week, the immediate support is seen at 1680 level, followed by 1660 level and the immediate resistance is seen at 1700 level, followed by 1720 level.

FCPO

Range of 2300 to 2600 Level!

The FCPO is expected to hover around the 300 points mentioned above. 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 2400 level, followed by 2350 level and the immediate resistance is seen at 2550 level, followed by 2600 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.