27th February, Wednesday (astro)

Astro

Last Done: RM2.70

Overall technical landscape remains downward trading, however, the stock is having its first level of support around current price and most important is the stock must able to support at the recent low (RM2.60).

Not much to be expected as the stock will trade in the range of RM2.60 to RM2.75 levels. The immediate support is seen at RM2.60, followed by RM2.50 and the immediate resistance is seen at RM2.75, followed by RM3.00 level.

FKLI

Testing SMA 200?

Not much to be expected as the index will hover around the SMA 200 level (1626). 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

Dropping Below the SMA 30?

Trading below the SMA 30 and the downtrend line might indicate the free fall of another 200 points (to 2200), especially if the 2400 level cannot be supported. We will have a confirmation by the end of today.

The current level remains as an important support level as both the SMA 30 and the downtrend line located. Investors will need to closely monitor the current level for any new position initiation.

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 immediate support is seen at 2400 level, followed by 2350 and the immediate resistance is seen at 2450 level, followed by 2500 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.