25th 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. Trading range expected will be 13800 to 14000 levels.

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

FKLI

Range of 1625 – 1600 Levels…

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.

Additional short position can be initiated, especially if the 1600 level not able to be held. The immediate support is seen at 1600 level, followed by 1550 and the immediate resistance is seen at 1624, followed by 1640 level.

FCPO

Hovering around the Downtrend Line…

The FCPO remains to hover around the downtrend line (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 2600 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.