16th April, Tuesday (Top Glove)

Top Glove

Last Done: RM5.79

The stock is facing with its immediate tough resistance at RM6.00 (Fibonacci level of 61.8% & psychological level). Provided this level can be taken over convincingly, else, nothing much to be expected from this stock as the stock will hover within RM5.50 to RM6.00 level.

The immediate support is seen at RM5.60 level, followed by strong support at RM5.20 and the immediate resistance is seen at RM6.00, followed by RM6.60.

FKLI

Short Position Remains…

No matter what, investors should try to avoid holding long position for long term trading (any time frame more than a week) as the political risk remains high and please bear in mind that we do not take the risk when your probability of winning is less than 60% (only 33% of winning probability - if BN is to win more than 2/3). However, intraday long position might be something worthwhile to take but always remember to keep your stop loss tight.

For long term investors (expected to hold more than a week), investors should look for opportunity to initiate short position (higher winning probability) instead of searching for opportunity to initiate long position (especially any level above 1700) with stop loss level being set around 1720 level. For risk averse investors, you might want to initiate short position when the polling day drawing nearer or any level above 1700 level.

The immediate support is seen at 1680 level, followed by 1650 and the immediate resistance is seen at 1700, followed by 1720 level.

FCPO

Long Term Downtrend Resume…

As mentioned, if the 2325 level not able to be supported, the FCPO is expected to have another 100 points of free fall. The next strong and reliable support can only be seen at 2200 level. Any short term trading, investors can only take a smaller risk by initiating long position when the FCPO dropped to 2200 level.

If the FCPO can regain its posture above the downtrend line in the near future, more uptrend is expected. Else, the long term downward trading is expected to resume. 

The immediate important support is seen at 2250 level, followed by 2200 and the immediate resistance is seen at 2325 level, followed by 2350 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.