The S&P 500 tumbled to a more than six-month low on Thursday, closing in negative territory for the year, on concern a decelerating Chinese economy will translate into slower global growth.
Hong Kong's benchmark share index fell for a fifth day and ended at its lowest level in eight months on Thursday, pulled down by sluggish global markets and pessimism over China's economy. Asian equities are bracing for heavy losses on Friday, following a sell-off in offshore markets and as investors await a survey on China's manufacturing sector due to be released at 9.45 am this morning.
Plan A : Above 22798, do nothing
Plan B : Below 22365, do nothing
Plan C : Attempt selling if market try and rebound but fails to break above 22707
Plan D : Cut above 22798
Plan E : Only consider intraday buy if market gaps down but rebounds from 22365
Plan F : Cut below 22365
FKLI
Market failed to continue on its recovery and settled at 1560.5 yesterday. Market is expected to face selling pressure today, moving in tandem with regional markets. Investors are advised to wait for rebound to sell if market gaps down too much. Market will continue to be deemed weak as long as it stays below 1565 level
Plan A : Attempt selling when market rebounds, possibly around 1563-1565 level
Plan B : Cut above 1570
Plan C : No buying to be attempted for the time being
Plan D : Next support seen at 1543.5 and 1534
FCPO
FCPO has decent volume yesterday with a sell trend though market pushed up last minute with some profit taking from intraday investor. Dalian and soybean oil are quite mixed in trading whilst Ringgit slumped to RM4.16 against the US Dollar. Market is on its sell trend with some hiccups here and there, intraday investor might need to be smart in profit taking.
Plan A : Overnight seller hold on to position. Resistance is looking at 2041. Target is 1967 and 1896.
Plan B : Intraday investor or seller may sell if market could rebound and resist at 2041. Target is 1967 and 1936. Resistance could change, will notify subscriber later.
Plan C : Buyer or intraday investor may buy only if market could support above 1996. Target is 2011, 2026 and 2040.
Plan D : Above 2040, do nothing.
Plan E : Below 1990, do nothing.
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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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