21st August, Wednesday (FBMKLCI)

FBMKLCI

Overall market remains resilient with the immediate support is seen at 1737, followed by 1723 (recent low). So long as the above 2 levels can be supported, we should see the index to regain its posture above the 1750 level and resume its range trading of 1750 to 1790 level. Failure for the 1723 level to be supported might cause the index to retrace until 1700 level. The 1700 level should remain as a reliable and strong support level.

The immediate support is seen at 1735, followed by 1725 and the immediate resistance is seen at 1750, followed by 1760 level.

FKLI

Looking for Opportunity to Buy…

FKLI having the same technical landscape as the underlying – having strong support at 1700 level (SMA 200 & psychological level) should give investors a good opportunity to initiate long position. Thus, any drop near to this level should give investors a very good opportunity to initiate long position with stop loss being set around 1690 level.

For risk taker investors, investors can initiate position around 1720 level (recent low) with but with tight stop loss being placed.

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

Tight Range Trading – 2300 to 2380 Levels…

Nothing much to be expected as the FCPO will remain its tight range trading of 2300 to 2380 level (SMA 200). Provided either of the above mentioned level is being taken over, else, nothing much to be expected. However, long position remains preferred with stop loss level being set around 2290 level.

The immediate support is seen at 2300 level, followed by 2270 level and the immediate resistance is seen at 2350 level, followed by 2400 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.