Jan 18 - FKLI & FCPO (Week 3 close)

Hi all.

Friday saw FBMKLCI goes bearish, closing below its major support of 1,680. 

Next defense line shall be the 50-neutral RSI level, lower band & fibo level around 1,660-65.

FBMKLCI - Broken 1,680 Crucial Support, Below Mid-band (Jan 18)

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On FKLI 

The down-channel is still intact, seeing Friday open at the channel top at 1,688 & subsequently spend the rest of the day in red. 

Although price still manege to hold above the 1,678 crucial support, it has fallen below the daily BB mid-band.

A firmer bearishness on the underlying KLCI shall add further strength to the bears on FKLI the coming week.

Hence, still maintain the sell on rally / channel top strategy, as long as price stays within the channel, which it still does, throughout the past week.

Support comes in at the crucial 1,678 & fibo level of 1,660-65.

There's room for downside on W%R, while the RSI will face its neutral 50-level, of which it has to hold to deterred further selling.

FKLI - Down-channels still intact. (Jan 18)

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On FCPO

For the past week, price moved sideways within a rather quiet range of 2,330-2,440, & closed around midpoint of the range at 2,399 on Friday (Jan 18).

Start of the week saw price broken above the previous week's downtrend line, on lackluster participation though, followed by 2 days of narrow range ended in doji stars.

On Thursday (Jan 17), saw bears push price back down below the daily mid-band when the bulls failed to push past the 2,440 strong resistance. Price closed low at 2,378 for the day.

On Friday, short-covering (or so I would wanna believe...:p) managed to bring price up to the mid-band at 2,418, but the bears diligently brought it back down again, closing the day/week at 2,399, below mid-band.

I still think bearishness prevails, with lack of commitment on up-days (closed in dojis, low volume), while we see generally higher volume bars on down-days, together with the facts that bulls failed two crucial resistance test (2,440, 2,417).

On a medium term view, we are still pretty much within the sideway ranging pattern, moving largely within the 2,230-2,500 range. Price closed the week below the mid-band, making it more likely of traveling further down to find 2,230 support, rather than heading towards 2,500 resistance.

FCPO - Bears still strong (Jan 18)

We shall see how it goes hereon, with shortened trading on both week 4&5.

That shall close Jan'13 Week 3 trading.

 

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Enjoy the weekend.
Happy Hunting!! :)