FKLI TRADING : 329) downtrend is likely persiststhis is number 329...
First of all, we have broken below the critical support of 1480 and the latest low was at 1415. Basically, it is in full downtrend mode right now. As the bad news was sent out yesterday, when BNM announced its hike in OPR to 25 basis, adding frm 2% to 2.25% interest rate for overnight OPR, this sent shockwave to the entire investing/trading community in Malaysia, and today we could see some mild rebound as the market has relieved and fkli-july is heading a rebound.
As the over-head resistance ranging frm 1440-1464 is not broken, we expect the fkli-july will make some struggle within this region, slowing down, and compromise to the bear and rollover. Even if price successfully make it abv the recent 1465-high, it is still possible that it is a false breakout, as fkli is news-related and I had "kena"/(had been played) already last month. Temporary support is at 1412.50 and lower support at 1360, a level which was never seen since "the great fall" in March 2020. The critical 1480-1450 support level was also broken and this level is only seen in Nov-20, some 2 years ago.
For the fundamental part, wait for the announcement of possible next GE election. That is the only mild spurt of gud news that temporarily we could have expected. With the parties desperately trying to hang on to their power poles, it is expected some kind of "lift-ups" or "window-dressing" will be carried out before the next General Election/GE. Again, dun expect much, as the whole world's economy is deteriorating, one alone couldn't fight the trend that sweeping the whole globe right now. If you have some stocks which you seek to sell off before the worst to come, it could be done during the time after announcement of GE but it is definitely not a gud timing to "buy and hold" strategy. juz my pity 2-cents opinion. Another round of selling is expected to happen in September as it is expected that BNM might increase the interest rate again during that time. See which one happen first? the rate hike or the announcement of GE election?
higher resistance : 1480
resistance : 1450-1465
immediate support : 1412.50
lower support/ : 1360
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