18th February, Monday (DJIA)

DJIA

Heading towards Historical High – 14200 Level!

As mentioned, we should see the DJIA to re-challenge the historical high of 14200 level, albeit in a slower pace. The index is expected to hover around current level (14000) as this is an important base need to be built.

For the week, the immediate support remains at 13800 level, followed by 13700 level and the immediate resistance is seen at 14200 level.

FKLI

Short Position Remains Preferred…

Short position remains preferred and investors should look for opportunity to initiate short position instead of searching for opportunity to initiate long position. The risk of holding long position is very high in current high political risk environment. Any level near to 1650 should serve as a good level to initiate short position.

For the week, the immediate support is seen at 1600 level, followed by 1550 and the immediate resistance is seen at 1624, followed by 1640 level.

FCPO

Range of 200 Points…

The immediate tough resistance remains at 2550 (the downtrend line). The FCPO is expected to resume its 200 points trading (2400 to 2600). Provided the 2600 level can be taken over convincingly, only we should see the FCPO to re-challenge the 2800 level (SMA 200). 

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 2425 level (SMA 30) and the immediate resistance is seen at 2500 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.