27th June, Thursday (Hap Seng)

Hap Seng

Immediate Tough Resistance – RM2.00!

The stock will face with its immediate resistance at RM2.00 level (psychological level & Fibonacci level of 78.6%). Provided the above level can be taken out convincingly, else, nothing much to be expected. Investors who have bought the share previously might consider taking your first level of profit around current level.

The immediate support is seen at RM1.75, followed by RM1.50 and the immediate resistance is seen at RM2.00, followed by RM2.35 level. 

FKLI

Immediate Resistance – 1750!

The immediate resistance will be at 1750 level. However, as mentioned, the FKLI has been traded within the 1750 to 1790 range for the past 1 and the half months, thus 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 more than a week. Any rebound above 1780 should serve as a good level to initiate short position.

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 1730 level, followed by 1720 level and the immediate resistance is seen at 1750 level, followed by 1760 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.