29th July, Monday (DJIA)

DJIA

Overall, the index is expected to resume its upward trading with the immediate resistance is seen at 16000 level only. The index is expected to hover around the 15500 level and any break above or below the 15500 level convincingly should give us an indication of the market direction.

The immediate support is seen at 15500 level, followed by 15300 level and the immediate resistance is seen at 15800 level, followed by 16000 level. 

FKLI

Tight Range Trading…

Nothing has changed since last Friday as any short position should only come in if the index retraced below 1800 level, else, investor will need to take more risk when initiating short position. 

The FKLI has been trading within the range of 1720 – 1790 for the past 2.5 months, the recent breakout of 1790 might indicate further north side trading, especially with the prices already staying above the 1790 for the past 1 week. Thus, this should attract us to be more conservative when initiating short position. 

FCPO

Close Monitoring…

Since the FCPO is hovering around the 2200 level, investors should closely monitor the mentioned level. If the FCPO successfully to regain its posture above the 2200 level, this should give us an opportunity to initiate long position with stop loss level being placed around 2180 level.

Last week, the FCPO for the 1st time traded below the important support level of 2200, a level that never being taken out for the past 4 years. However, there is no firm direction for us to conclude at this moment. Any intraday position initiation should take the 2200 as a reference level for placing stop loss.

The immediate support is seen at 2150 level, followed by 2100 level and the immediate resistance is seen at 2200 level, followed by 2250 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.