Wall Street sank on Monday, with the Nasdaq losing almost 1 percent after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt China's trading partners.
China said on Monday it was prepared to buy shares to stabilize the stock market and avert "systemic risks", after major indices plunged more than 8 percent in the biggest one-day fall since 2007. Monday's slump, amid growing doubts about the strength of the world's second biggest economy, shattered three weeks of relative calm as a barrage of support measures helped stabilize values following a sharp sell-off that started in mid-June.
Plan A : Above 24530, do nothing
Plan B : Below 24166, do nothing
Plan C : Attempt selling if market rebounds but fails to break above 24530
Plan D : Cut above 24631
Plan E : Consider intraday buy if market gaps down but rebounds from 24166
Plan F : Cut below 24166
FKLI
Market look set for a downtrend with market closed right above its immediate support of 1703 yesterday. Weak regional markets are expected to cause FKLI to open lower today and hence confirming a sell especially if it stays below 1703 today.
Plan A : Attempt selling if market stays below 1703
Plan B : Cut above 1710
Plan C : No buying to be attempted for the time being. Intraday support seen at 1682
FCPO
FCPO continue to move sideway in narrow range on Monday. Dalian and soybean oil are down slightly while Ringgit stays weak at RM3.81 against the US Dollar.
Plan A : Overnight seller hold on to position. Resistance is looking at 2167. Targets are 2132, 2093 and 2077.
Plan B : Fresh seller or intraday investor may sell if market could rebound and resist at 2152. Target is 2132 and 2093.
Plan C : Buyer may stay out.
Plan D : Above 2170, do nothing.
Plan E : Below 2140, do nothing.
*Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.
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