19th June, Wednesday (Faber)

Faber

Last Done: RM1.82

Starting of the Uptrend?

The stock took over the Fibonacci level of 23.6% yesterday, a level that never being taken over for the past 1 year. This may indicate the upcoming trend will be skewed towards north. Investors who decided to accumulate position can set your stop loss around the reliable support level – RM1.50 (SMA 200).

The immediate support is seen at RM1.70, followed by the strong support level at RM1.50 and the immediate resistance is at RM2.00 level.

FKLI

Hovering around the SMA 20…

As mentioned, the FKLI has been traded within the 1750 to 1790 range for the past 1 and the half  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 (1770) for nearly a week.

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

The immediate support is seen at 1760 level, followed by 1750 level and the immediate resistance is seen at 1780 level, followed by 1790 level.

FCPO

Hovering around SMA 200…

The FCPO is facing with its tough resistance at SMA 200 (2465 level). Investors should expect further tight range trading (within 200 points) for the coming few months until the SMA 200 is being taken over convincingly. Even taking over the 2500 level, the FCPO will face with its final tough hurdle at 2600 level (Fibonacci level of 23.6%). Provided both these levels can be taken over convincingly, more upside is expected.

The immediate support is seen at 2450 level, followed by 2400 level and the immediate resistance is seen at 2500 level, followed by 2550 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.