U.S stocks ended lower on Wednesday amid the sell off in the Chinese market and also the concerns over Greece debt crisis curbing risk appetite. New York Stock Exchange halted trading for nearly 4 hours and resumed trading later on. Dow Jones average and S&P 500 slipped 1.47% and 1.67% while Nasdaq fell 1.75%.
The China Securities Regulatory Commission banned investors with holdings exceeding 5% as well as corporate executives and directors from selling stakes for six months. The rule is intended to stabilize capital markets amid an "unreasonable plunge" in share prices. However, damage has been done in the previous session as indexes dragged down to multi months low.
Plan A : Overnight seller can consider either to take profit or to hold on to position. Resistance is 23484 and 23869. Target is 22714.
Plan B : Buyer may need to wait for market to consolidate before entering. Market need to stay above 23484 for a buy. Target is 23869 and 24254.
Plan C : Fresh seller may sell if market could rebound and resist at 23869. Target is 23362 and 22714.
Plan D : Above 23900, do nothing.
Plan E : Below 23300, do nothing.
FKLI
Market is expected to open lower today amid weak overnight Dow. A new low level is on the card today with resistance stays at 1676. Although some minor technical rebound could kick in today, it is still better to sell on rebound. Attempt selling around 1669-1676 level as long as resistance at 1676 not breached.
Plan A : Attempt selling if market stays below 1676
Plan B : Cut above 1686
Plan C : No buying to be attempted for the time being
FCPO
FCPO gap-down yesterday and barely move after the major break down. Dalian extended its losing ground today with further drop this morning while soybean oil remains insignificant. Ringgit remains weak at RM 3.80 against the greenback. Market is running on its sell trend now and thus, buyer should avoid catching the falling knife.
Plan A : Overnight seller hold on to position. Resistance is looking at 2183. Target is 2084 and 2069.
Plan B : Intraday investor and fresh seller may sell if market could rebound and resist at 2183. Target is 2141 and 2084.
Plan C : Buyer may buy if market could support above 2250. Target is 2283.
Plan D : Above 2180, do nothing.
Plan E : Below 2120, do nothing.
P/S : Plan B and Plan C is amended at 10.34am.
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*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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