17th June, Monday (DJIA)

DJIA

Important Support – SMA 50…

The DJIA remains hovering around the SMA 50 (15000 level). Investors will need to pay additional attention on the SMA 50. Trading below 15000 level may indicate more downside moving forward, especially if the SMA 50 is not able to be supported. The index never trades below the SMA 50 since the start of 2013, thus, any drop below SMA 50 should attract more sellers in the market.

The immediate support is seen at 15000, followed by 14700 and the immediate resistance is seen at 15300, followed by 15500 level. 

FKLI

Starting of the Downward Trading…

As mentioned, the FKLI has been traded within the 1750 to 1790 range for the past 1 month, any drop below/ above the range mentioned above might cause a strong trend towards respective direction.

Investors who are holding long position will need to take extra cautious as this might be the start of the downward trading, especially when the index has been trading below the SMA 20 for the past 2 days.

The FKLI might at least close the gap set after the GE13 (1720 – 1700) before any technical rebound can set in.

For the week, the immediate support is seen at 1750 level, followed by 1700 level and the immediate resistance is seen at 1760 level, followed by 1780 level.

FCPO

Tough Resistance – SMA 100 & SMA 200…

The FCPO is facing with its tough resistance at SMA 200 (2500). Investors should expect further tight range trading (within 200 points) for the coming few months. Even taking over the 2500 level, the FCPO will face with its final hurdle at 2600 level (Fibonacci level of 23.6%). Provided both these levels can be taken over, more upside is expected.

For the week, the immediate support is seen at 2400 level, followed by 2350 level and the immediate resistance is seen at 2500 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.