7th March, Thursday (Bursa)

Bursa

Last Done: RM6.80

Leaping above the SMA 200 is indicating further uptrend is expected with the 2 immediate reliable support levels - Fibonacci level of 23.6% (RM6.50) and SMA 200 (RM6.30).

Any new position initiation can take the above mentioned level as a reference. The immediate tough resistance is seen at RM7.00 level (Fibonacci level of 38.2% & psychological level).

FKLI

Hovering around 1650 Level…

As mentioned, any level near to/ above the 1650 level should give us a good opportunity to initiate short position. Short position remains preferred as 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 1630 level, followed by 1620 and the immediate resistance is seen at 1660, followed by 1670 level.

FCPO

Consolidating around 2400 Level…

The FCPO is expected to resume its 200 points trading range (2400 to 2600) with the immediate support is seen at 2365 level. Not much to be expected provided either of the levels mentioned above can be taken out convincingly. 

The immediate support is seen at 2365 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.