21st February, Thursday (SK Petro)

SK Petro

Last Done: RM2.87

This might be the start of the downward trading as all the technical indicators have started to show weakness with the stock facing with its immediate resistance at RM2.90 (SMA 20 & Fibonacci level of 78.6%). Not much to be expected from the stock provided the RM3.00 level can be taken over.

The immediate support is seen at RM2.70, followed by RM2.50 and the immediate resistance is at RM3.00, followed by strong resistance at RM3.15 level.

FKLI

Firm Downtrend…

With the index trading below its SMA 200 and the upcoming election, 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 short position can be held without much worry.

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

FCPO

Immediate Support – 2550 Level…

As mentioned previously, as long as the FCPO can leap above the downtrend line, the FCPO will challenge its next tough resistance – 2600 to 2630 levels. Any new long position initiation should take the 2550 level as a reference level to set your stop loss level.

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). 

The FCPO is expected to hover around the RM2600 level for the remaining of the week. The immediate support is seen at 2550 level, followed by 2500 and the immediate resistance is seen at 2600 level, followed by 2650 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.