Market Forecast For 4 January 2019

KLSE

CARIMIN PETROLEUM BHD

· Trading strategy: Carimin Petroleum bhd, breaks the resistance zone  at 0.515 and stock  trading at 52-week high  stock  with inverse head & shoulder pattern breakout . we are bullish in carmin petroleum and our next target is RM 0.580 with holding stop loss RM  0.470 .

GOLD

· Trading strategy:GOLD  price where testing the resistanceat  1298.20. we are  expecting gold price  bearish trend in intraday trading while RSI  suggesting  Bearish Diversion which suggesting sell signal  with  target  1286.0 to test the support zone .

USD/CAD

· Trading strategy:USD/CAD   price shows a bearish trend .while in h4 chart where suggesting bearish flag pattern which suggesting sell signal  with next target is 1.3250 with holding stop loss 

above  1.3500.

On Thursday, FKLI closed at 1680, a gain of 9 points from the previous close of 1671. The daily traded volume is 15,293 and is significantly higher than the average 5-days traded volume of 10,572.

· FKLI opened at 1684, a gap-up of 13 points from the previous close indicating early bullish momentum from the market. During the morning session, the market was muted as the price traded sideways between 1682 and 1687.5. In the afternoon session, the market traded lower to retest the 1680 level but failed to break below it due to the ongoing bullish momentum. Hence, the overall market sentiment remains bullish provided that the immediate support of 1670 is intact.

· Trading strategy: On Friday, FKLI is expected to retest the first support at 1680. If the price breaks below this level, FKLI is expected to trade lower to the second support at 1670. Otherwise, the price may trade higher to the first resistance at 1690. ·

  Intraday technical support &resistance for 04 Jan 2019: First resistance at 1690. Second resistance at 1700. First support at 1680. Second support at 1670.

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