6th June, Thursday (DJIA & FBMKLCI)

DJIA

Important Support – SMA 50…

Trading below 15000 level may indicate more downside moving forward, especially if the SMA 50 (14900) 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 14900, followed by 14700 and the immediate resistance is seen at 15000, followed by 15100 level.

FBMKLCI & FKLI

Range Trading…

For the past one month, both the FBMKLCI & FKLI are trading in the range of 40 points (1790 – 1750), provided either of this level can be taken out, else, nothing much to be expected. No matter what, the downside risk remains high both from fundamental and technical perspective. Any rebound should serve as a good level to initiate short position. 

The immediate support is seen at 1750 level and the immediate resistance is seen at 1780 level.

FCPO

Tough Resistance – SMA 100 & SMA 200…

The FCPO is facing with its tough resistance at SMA 100 (2400) and 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%).

The immediate support is seen at 2400 level, followed by 2350 level and the immediate resistance is seen at 2450 level, followed by 2500 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.