22nd August, Thursday (DJIA)

DJIA

As mentioned, the DJIA will need to stay above the SMA 100 (15100 level) to avoid suffering major retracement. Breaking below the above mentioned level will indicate more downside for the DJIA moving forward. The next reliable & strong support level is only located at 14400 level (SMA 200). 

The immediate support is seen at 14600, followed by 14500 and the immediate resistance is seen at 15000, followed by 15100 level.

FKLI

Opportunity to Long…

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) 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 Resume…

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.