30th July, Tuesday (Bursa)

Bursa

Last Done: RM8.42

Overall uptrend for the stock is expected to continue, especially when the stock is able to take over the Fibonacci level of 78.6% (RM8.30). This level should serve as a good reference for placing of stop loss for any new position initiation.

The immediate support is seen at RM8.30, followed by RM8.00 and the immediate resistance is seen at RM8.50, followed by RM9.00.

FKLI

Important Reference – 1800 Level…

This is a good reference level for any new position initiation and placing of stop loss point. 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. 

The immediate support is seen at 1800, followed by 1780 and the immediate resistance is seen at 1810 level.

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.