28th February, Thursday (cimb)

CIMB

Last Done: RM7.11

The stock is facing with its immediate tough resistance at RM7.15 (SMA 20 & Fibonacci level of 23.6%), not much to be expected as the stock is expected to hover around RM7.00 to RM7.15 levels. 

The downside risk is high ahead of election and more downside is expected in the near future. Investors who are having the stock might consider taking your profit around current level.

The immediate support is seen at RM7.00, followed by RM6.55 and the immediate resistance is seen at RM7.15, followed by RM7.50 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

Immediate Support – 2400 Level!

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.