29th August, Thursday (FBMKLCI)

FBMKLCI

Let’s have a close monitoring on the overall market instead of individual stock, at least for now. 

As mentioned, the 1700 should serve as a reliable support level and failure for this level to be supported might trigger massive selling as the next reliable support level can be seen at 1600 level. 

The index traded below the 1700 yesterday, investors will need to closely monitor this level for the remaining week. If this level is convincingly being taken over, this might be the start of the bear market.

The immediate support is seen at 1680, followed by 1650 and the immediate resistance is seen at 1700, followed by 1720 level.

FKLI

Tug of the War between Bulls & Bears!

FKLI remains having a strong support at 1700 level (SMA 200 & psychological level). However, the index is expected to trade below 1700 for today. Investors will need to closely monitor this level for this week. If this level is convincingly being taken over, the bears will win the war and it is expected to last at least 1 – 3 months.

Let’s stay on bay for a few days before decide to initiate any new position. Intraday investors should keep your stop loss tight whenever initiate any new position. Long position can be initiated if the index successfully regains its posture above the 1700 level.

The immediate support is seen at 1680 level, followed by 1650 level and the immediate resistance is seen at 1700 level, followed by 1720 level.

FCPO

Immediate Resistance - 2500 Level!

The immediate resistance is seen at 2500 level, followed by strong resistance at 2570. For those who have initiated your long position previously, you can revise your stop loss level higher to 2430 level and consider taking your first level of profit around 2490 level.

The immediate support is seen at 2450 level, followed by 2400 level and the immediate resistance is seen at 2500 level, followed by 2530 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.