18th March, Monday (DJIA)

DJIA

Hovering Around 14500 Level…

The index is expected to hover around the current level to build the necessary foundation before further upside can take place. However, I am in the view that the current level is at its peak and minor retracement is expected to set in.

For the week, the immediate support is seen at 14500 level, followed by 14200 level and the immediate resistance is seen at 14600 level, followed by 14700 level.

FKLI

Short Position Preferred…

As time is closer to GE-13, short position definitely will be more preferred and investors will need to bear in mind that fundamental should supersede technical analysis in this high political risk environment.

For the week, the immediate support is seen at 1600 level, followed by 1580 and the immediate resistance is seen at 1630, followed by 1650 level.

FCPO

Tight Range Trading…

The same for this week as the FCPO is expected to resume its tight range trading – 100 points (2375 to 2475 levels) with the immediate support at 2365 level.

Provided the 2475 level can be taken over, then only we will see the FCPO to resume its 200 points trading range (2400 to 2600).

The immediate support is seen at 2350 level, followed by 2300 and the immediate resistance is seen at 2400 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.