9th May, Thursday (AirAsia)

AirAsia

Last Done: RM3.02

Immediate Support – RM3.00!

The stock leaps above the important SMA 200, Fibonacci level of 50% and psychological level (RM3.00). The RM3.00 will become a strong support level and it is worthwhile to accumulate position around current level with stop loss being set around RM2.80 level.

The immediate support is seen at RM2.80, followed by RM2.50 and the immediate resistance is seen at RM3.40, followed by RM3.60 level.

FKLI

Downside Bias… 

The market is expected to resume its huge volatility for these 3 weeks and the political front remains uncertainty at this moment. 

Technically, no conclusion that we can make at this moment as the chart yet to show us a pattern/ direction that we can follow.

Risk averse investors should not hold any position for overnight and any position initiation should couple with tight stop loss.

Risk taker investors can initiate short position, especially any level near to 1800 with stop loss level around 1820 level.

The immediate support is seen at 1750, followed by 1720 level and the immediate resistance is seen at 1780, followed by 1800 level.

FCPO

Immediate Resistance – 2300 Level…

The FCPO will need to take over the 2300 level before further upside can set in. The FCPO will need to take over the 2300 level convincingly, else, the long term downward trading will resume. The downtrend line currently located at the 2260 level, forcing the FCPO to trade within the range of 2300 to 2200 levels. 2200 level remains as a level to initiate long position with stop loss level being 20 points away.

The immediate important support is seen at 2250 level, followed by 2215 and the immediate resistance is seen at 2300 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.