Highlights

RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 30 Jul 2021, 5:19 PM

 

FKLI - The Downtrend Is Getting Imminent

Author:   |    Publish date:


Maintain short positions. The FKLI slipped below the 200-day SMA line after it failed to stage a rebound – closing 3 pts lower and settling at 1,573 pts. The index had a neutral opening at 1,577 pts, which saw it moving higher in the early session. It reached the day high of 1,581 pts before reversing and wiping out the bullish momentum to close at its 1,573.5-pt day low. The negative momentum that emerged yesterday reconfirmed the selling pressure is persisting below the long-term average line. With the RSI indicator staying below the 50% level and pointing down, the downtrend will remain intact. Meanwhile, if FKLI fails to climb back above the 200-day SMA line, there is a high probability of it correcting towards the 1,564.50-pt support level and followed by 2021’s low of 1,545.50 pts. Due to that, we retain our negative trading bias.

We recommend traders maintain short positions. We initiated these at the close of 11 Jun, at 1,569.50 pts. To manage risks, the stop-loss threshold is set above 1,592 pts.

The support level stays at 1,564.50 pts, which was 25 May’s low, and is followed by 1,545.5 pts, ie the low of 21 May. Towards the upside, the immediate resistance level is maintained at 1,591.5 pts – 8 Jun’s high – and followed by 1,599.5 pts, or 2 Jun’s high.

Source: RHB Securities Research - 17 Jun 2021

Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Earn MQ Points while trading with MQ Traders Group
MQ Affiliate
Earn side income from MQ Affiliate Program
 
 

1429 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 SCOMNET 1.430.00 
 UCREST 0.3050.00 
 PUC 0.170.00 
 WILLOW 0.430.00 
 IRIS 0.200.00 
 3A 0.790.00 
 M3TECH 0.0550.00 
 LAMBO 0.2250.00 
 NETX 0.080.00 
 GHLSYS 1.950.00 
PARTNERS & BROKERS